Pick of the week - 200815

Thursday, 20 August 2015

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details together with independent Moneyfacts analysis can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature.

Savings

Halifax

Halifax has increased the rate on its one-year fixed ISA, which now pays 1.60% yearly or 1.59% monthly. Savers aged 16 and over must invest a minimum of £500 to be eligible. Additions are permitted within 60 days of the account opening. Early access is subject to 90 days’ loss of interest and closure of the account. Transfers in are accepted and savers can open and operate the account in branch, by telephone and online.

This rate rise from Halifax pushes its one-year fixed rate ISA into the Moneyfacts.co.uk Best Buys, earning an ‘excellent Moneyfacts’ rating in the process. Paying 1.60% yearly, this deal will appeal to savers who are looking for a top rate with a recognised high street band and who want to utilise their tax-free Isa allowance.


SAGA

SAGA’s three-year fixed rate bond has had a rate increase this week, and now pays up to 2.50% annually. A minimum of £1 must be invested top open the account, but at least £10,000 must be deposited to earn the highest rate of 2.50%. A maximum of £10million can be invested. Further additions are not permitted, but early access is available subject to up to 270 days’ loss of interest depending on the length of the remaining term. Savers must be aged 50 or over to be eligible and must operate the account by post, although they can apply online or by phone.

SAGA’s newly priced three-year fixed rate bond secures a position in the Moneyfacts.co.uk Best Buy tables and earns a well deserved ‘excellent’ Moneyfacts rating. While savers must be aged 50 or over, those who are eligible and have £10,000 to invest over three years will find the higher 2.50% rate appealing in the current market.


Mortgages

Newcastle Building Society

Newcastle Building Society has introduced a new 10-year fixed rate mortgage deal to its range, which is priced at 3.75% until 31.10.25. This deal is for all customers who borrow from £10,000 at 80% loan-to-value. No product fee is payable and an incentive package of free valuation is included. This deal has the added flexibility of allowing borrowers to make regular or lump sum overpayments.

Borrowers looking to keep upfront costs down will find this latest mortgage deal at 3.75% fixed for 10-years with Newcastle Building Society an enticement. With no upfront fee and the added bonus of a free valuation, it will appeal to those looking for a longer-term fixed deal for the extra security against potential rate rises.

Newcastle Building Society’s lending area includes Scotland.


Skipton Building Society

Skipton Building Society has made several reductions to its mortgage rates, which includes its two-year fixed rate deal, newly priced at 2.99% to 30.11.17. This deal is for first and second-time buyers who borrow at 90% loan-to-value. A £955 fee is payable, all of which can be added to the mortgage advance. An incentive package of free valuation is also included. This deal has the added flexibility of allowing borrowers to make overpayments of up to 10% of the outstanding balance and take payment holidays.

House purchase customers will find this latest deal from Skipton Building Society an attractive option. With a reasonable rate of 2.99% fixed for two years and the option of adding the arrangement fee to the mortgage advance, it will be a great choice for those looking to save on upfront costs. The additional incentive of free valuation as well as flexibility to take payment holidays and make overpayments will further boost its appeal.

Skipton Building Society’s lending area includes Scotland.

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Moneyfacts is the UK’s leading independent provider of personal finance information. For two decades, Moneyfacts’ information has been the key driver behind many personal finance decisions.

Moneyfacts.co.uk is a completely independent comparison site that helps consumers make better financial decisions. Our constantly reviewed Best Buys help people find the best savings rates and credit cards while our mortgage calculator and loan calculator search the whole market to find the best products.

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