Moneyfacts Weekly Product News 07/03/2019 | Product News | moneyfacts.co.uk

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Moneyfacts Weekly Product News 07/03/2019

Moneyfacts Weekly Product News 07/03/2019

Category: Articles
Author: Nigel Woollsey
Date: 07/03/2019

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


Coventry Building Society


Coventry Building Society has launched a new easy access ISA, which pays 1.50% yearly. A monthly option paying 1.49% is also available. A bonus of 0.35% is included, which expires 31.7.20. Savers can invest from £1 and early access to funds and further additions are allowed without a penalty. Transfers in from cash ISAs and stocks & shares ISAs are also permitted. This deal, which must be opened and managed online, is for savers aged 16 or over.

Taking the top position within the variable cash ISA market is the new deal from Coventry Building Society. This ISA effortlessly sits head and shoulders above its competition within the Moneyfacts Best Buys and earns an Outstanding product rating in the process. Savers looking to take advantage of their ISA allowance and desire flexibility will be thrilled by this new addition to the market. However, as the deal carries a bonus, savers would be wise to make a note to review the account before it expires.

OakNorth


OakNorth has increased the rate on its one-year fixed ISA, which now pays 1.73% gross monthly. Savers can invest from £1,000 and further additions are permitted within 30 days of account opening. Early access to funds is allowed subject to a penalty of 90 days' loss of interest while withdrawals must be from a minimum of £1,000. Transfers in from cash ISAs are also permitted. This ISA, which must be opened online but can then also be managed by phone, is for savers aged 18 or over.

Savers searching for an ISA that will pay a decent return in the next 12 months will be pleased by this latest rate rise by OakNorth. Paying an increased rate of 1.73% (+0.05%), this ISA takes a place within the Moneyfacts.co.uk Best Buys and earns an Excellent product rating as a result. The deal also provides a bit of flexibility, subject to an interest penalty, but this may appeal to those savers who need to access their cash earlier than expected.


MORTGAGES


Barclays Mortgage


Barclays Mortgage has amended selected rates in its range, with its two-year fixed mortgage now priced at 2.88% to 30.4.21. This deal is for first and second-time buyers who wish to borrow between £5,000 and £375,000 at 95% loan-to-value. No fee is payable and an incentive package of free valuation is included. This product allows overpayments of up to 10% of the outstanding balance.

This latest rate rise (of 0.11%) has not decreased the overall appeal of this two-year fixed mortgage from Barclays Mortgage. Now offering a rate of 2.88%, the deal comes without a product fee and includes a free valuation incentive. Due to its appealing package, it retains a place within the Moneyfacts.co.uk Best Buys and earns an Excellent product rating as a result.

Barclays Mortgages' lending area includes Scotland.

Virgin Money


Virgin Money has adjusted the rate on its a new two-year fixed rate mortgage, which is now priced at 1.96% to 1.7.21. This deal is for all applicants who wish to borrow at 90% loan-to-value. A product fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package for remortgage customers of free valuation and free legal fees is included, while second-time buyers will get £300 cashback and first-time buyers will get £500 cashback. This deal allows overpayments of up to 10% of the mortgage advance and permits borrowers to take payment holidays.

Despite a slight rate rise (of 0.06%), Virgin Money's two-year fixed mortgage maintains a reasonable overall package. Remortgage customers will find its incentive package of free valuation and free legal fees appealing, as it could be beneficial to those hoping to save on the upfront cost of their mortgage. House purchase customers will receive a cashback incentive, which may also prove attractive.

Virgin Money's lending area includes Scotland.

LOANS


Admiral


Admiral has reduced the rate on a selected tier of its unsecured personal loan, which means customers can now apply for a personal loan of between £7,500 and £15,000 over a term of one to five years at a rate of 2.9% APR. Applicants must be aged 18 or over and can apply online or by phone.

Admiral has made a slight reduction of 0.10% to its unsecured personal loan tier of £7,500 to £15,000 over a five-year term this week, securing a position within the Moneyfacts.co.uk Best Buys and earning an Outstanding product rating as a result. Borrowers looking for a larger loan will find this rate of 2.9% APR highly appealing, as it sits just shy of the market leader in its sector.

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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