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Moneyfacts Weekly Product News - 29/06/2017

Moneyfacts Weekly Product News - 29/06/2017

Category: Articles
Date: 29/06/2017

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

Savings

OakNorth Bank

OakNorth Bank has increased the rate on its two-year fixed rate bond, which now pays 2.01% on maturity. Savers must invest from £1,000 up to a maximum of £250,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and must be managed online.

Savers looking for a short-term home for their savings will be delighted by this latest update from OakNorth Bank. Paying 2.01%, this deal improves its position in the moneyfacts.co.uk Best Buys. However, with no early access permitted, savers must be prepared to lock their money away for the full term.


Yorkshire Building Society

Yorkshire Building Society has increased the rate on its one-year fixed rate ISA, now paying 1.05% yearly or 1.04% monthly. Savers can invest from £100. Additions are permitted while the issue remains open, while early access is allowed subject to closure of the account and 60 days' loss of interest. Transfers in from cash and stocks & shares ISAs are also permitted. This deal is for savers aged 16 and over and can be operated in branch and by post. An online-only version is available too.

The 1.05% one-year fixed rate ISA from Yorkshire Building Society is highly competitive and enters the moneyfacts.co.uk Best Buys. This deal is likely to be a great choice for savers looking for a short-term home for their tax-free allowance.


Mortgages

Barclays Mortgage

Barclays Mortgage has reduced the rate on its two-year fixed rate mortgage, which is now priced at 1.89% to 31.10.19. This deal is for all applicants who wish to borrow between £5,000 and £500,000 at 85% loan-to-value. No fee is payable and it comes with an incentive package of free valuation fees for all borrowers and free legal fees for those remortgaging. This deal allows overpayments up to a maximum of 10%.

Borrowers looking for a high street lender will be intrigued by this latest reduction from Barclays Mortgage. At 1.89%, this two-year fixed rate is reasonably priced for its sector, which combined with the added bonus of no fee and a great incentive package makes this likely to be a popular choice among those looking to keep initial costs down.

Barclays Mortgage's lending area includes Scotland.

Santander

Santander has reduced the rate on its two-year fixed rate mortgage, which is now priced at 2.54% to 2.10.19. This deal is for all applicants who wish to borrow up to £570,000 at 90% loan-to-value. No fee is payable and an incentive package of free valuation up to a maximum of £1,190 for all borrowers, £250 cashback for house purchase customers and the option of free legal fees or £250 cashback for those remortgaging is available. This deal allows overpayments of up to 10% of the outstanding balance.

The 2.54% two-year fixed rate mortgage from Santander is competitively priced in the market. Alongside this decent rate, it offers a comprehensive incentive package with something for all borrowers. As a result, this is likely to be an attractive option for those with a modest deposit of just 10%.

Santander's lending area includes Scotland.

Loans

Tesco Bank

Tesco Bank has reduced rates on selected tiers of its unsecured personal loan, which means customers can now apply for a loan of £10,000 to £25,000 over a term of one to seven years at a rate of 3.0% APR. Customers must be 18 and over, have a minimum income of £10,000 and be a Clubcard card holder. Applications must be made online. A non-Clubcard card holder loan is available at 3.1% APR.

This rate cut by Tesco Bank to its £10,000 to £25,000 loan tiers strengthens its position, and it now sits comfortably in the Moneyfacts.co.uk Best Buys. With an attractive APR of 3.0%, this is likely to be a popular choice for those looking to consolidate their debts.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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