Moneyfacts Weekly Product News 28/02/2019 | Product News | moneyfacts.co.uk

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Moneyfacts Weekly Product News 28/02/2019

Moneyfacts Weekly Product News 28/02/2019

Category: Articles
Author: Nigel Woollsey
Date: 28/02/2019

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

Hampshire Trust Bank

Hampshire Trust Bank has increased the rate on its 90-day notice account, which now pays 1.75% on its anniversary. Savers can invest from £1,000 up to a maximum of £250,000. Additions are not allowed and access to funds is only permitted if 90 days' notice is given. This deal is for savers aged 18 or over and can be opened and operated online or by post and can then also be managed over the phone.

This week Hampshire Trust Bank raised the rate on its 90-day notice account significantly (+0.75%), improving its position within the market. Paying 1.75%, it secures itself as one of the best rates available over a 90-day notice period and earns an Excellent Moneyfacts product rating in the process. Savers looking for a decent return but who don't want to tie down their cash for too long will find this deal highly enticing.

Close Brothers Savings

Close Brothers Savings has increased the rate on its five-year fixed rate bond, which now pays 2.55% yearly. Savers can invest from £10,000 up to a maximum of £2 million. Further additions and early access to funds are not permitted. This deal is for savers aged 18 or over and must be opened by post but can then be managed over the phone too.

Savers searching for a long-term fixed bond with a decent sum to invest will be delighted by this latest deal from Close Brothers Savings. After a rate rise of 0.05%, this deal takes a place within the Moneyfacts.co.uk Best Buys and earns an Excellent product rating in the process. As savers will be unable to access funds early or make further additions, they must be comfortable with the bond's term before depositing funds.


MORTGAGES

Santander

Santander has reduced the rate on its five-year fixed rate mortgage, which is now priced at 1.94% to 2.6.24. This deal is for first and second-time buyers who wish to borrow between £6,000 and £2 million at 75% loan-to-value. A £999 fee is payable, all of which can be added to the mortgage advance, and an incentive package of free valuation and £250 cashback is included. This product allows overpayments of up to 10% of the outstanding balance.

Santander's latest rate cut (of 0.05%) on its five-year fixed mortgage has enhanced its overall appeal. First and second-time buyers with the required 25% deposit will find its low rate of 1.94% and decent incentive package of free valuation and £250 cashback highly appealing. The deal also earns an Excellent Moneyfacts product rating in the process.
Santander's lending area includes Scotland.

Cumberland Building Society

Cumberland Building Society has reviewed its two-year discounted variable rate, now priced at 1.26% with a 3.48% discount. This deal is available to all borrowers who wish to borrow between £50,000 and £500,000 at 60% loan-to-value. A fee of £1,999 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. This deal also has the added flexibility of being able to make overpayments up to a maximum of 10%.

Despite undergoing a slight rate rise (of 0.25%), the two-year discounted mortgage from Cumberland Building Society remains at the top of its sector based on rate. Borrowers with a decent amount of equity or deposit will find the low rate appealing, and remortgage customers will get an incentive package of free valuation and free legal fees. As the deal comes with a £1,999 product fee, borrowers would be wise to weigh up the overall true cost of the deal, but know that the fee can be added to the mortgage advance.
Cumberland Building Society's lending area includes Scotland.

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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