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Moneyfacts Weekly Product News - 31/05/2018

Moneyfacts Weekly Product News - 31/05/2018

Category: Articles
Author: Lieke Braadbaart
Date: 31/05/2018

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 It is now over 6 months old so the content may be out of date.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

Tesco Bank

Tesco Bank has increased the rate on its Internet Saver, an easy access account that now pays 1.25% yearly, including a bonus of 0.70% for 12 months. Savers can invest from as little as £1. Additions and unlimited penalty-free withdrawals are permitted. This deal is for savers aged 18 or over, and can be operated by phone and online.

Savers looking for easy access to funds will be intrigued by this latest increase by Tesco Bank. Paying 1.25%, this easy access account is highly competitive and improves its position within the moneyfacts.co.uk Best Buys. However, savers would be wise to review the account before the bonus expires to ensure they are happy with the underlying rate.

Shawbrook Bank

Shawbrook Bank has increased the rate on its two-year fixed rate bond, which now pays 2.12% upon its anniversary. Additions are permitted while the issue remains open, however, no early access to funds is allowed. This deal is for savers aged 18 or over, and can be operated by phone and online.

Shawbrook Bank's 2.12% two-year fixed rate bond is highly competitive and sits comfortably towards the top of the market. This great rate is likely to make the deal an attractive choice for savers looking to fix over the shorter term.


Mortgages

Virgin Money

Virgin Money has launched a new 10-year fixed rate mortgage, priced at 2.79% to 1.9.28. This deal is for all applicants who wish to borrow at 85% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package with a £300 rebate for first and second-time buyers, and free valuation and free legal fees for remortgage customers, is included. This deal also allows overpayments of up to 10% of the outstanding balance.

Borrowers looking for long-term security will be delighted by this latest launch from Virgin Money. Priced at 2.79%, this 10-year fixed rate mortgage is highly competitive and heads straight into the moneyfacts.co.uk Best Buys. The comprehensive incentive package will only further increase this deal's appeal among borrowers looking to fix their monthly repayments for the foreseeable future.

Virgin Money's lending area includes Scotland.

Sainsbury's Bank

Sainsbury's Bank has reduced the rate on its two-year fixed rate mortgage, which is now priced at 1.84% to 30.6.20. This deal is for first and second-time buyers who wish to borrow from £40,000 at 90% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation and £250 cashback is available. Successful mortgage applicants will also be eligible to receive cashback, in the form of 5% off their grocery bills in vouchers, for the first two years. This deal allows overpayments of up to 10% of the outstanding balance.

The 1.84% two-year fixed rate mortgage from Sainsbury's Bank is highly competitive, sitting just shy of the lowest rate in the market. Alongside this great rate, borrowers will also be able to enjoy a decent incentive package, which will make this a great choice for borrowers looking to keep initial costs down.

Sainsbury's Bank's lending area includes Scotland.

Loans

cahoot

cahoot has reduced rates on selected tiers of its unsecured loan, which means customers can now apply for a personal loan of £7,500 to £20,000 over a term of one to five years at a rate of 2.8% APR. Customers must be 21 or over and have a minimum income of £6,000. Applications can only be made online.

This rate cut by cahoot improves its standing as one of the most competitive loans on the market, earning it a place in the moneyfacts.co.uk Best Buys. With an attractive APR of 2.8%, 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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