Pick of the week - 03.03.16

Thursday, 3 March 2016

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

Principality Building Society

Principality Building Society has reviewed its five-year fixed rate ISA, which now pays 2.00% upon its anniversary. Savers can invest from £500 and transfers in from other ISAs are welcomed. Early access is allowed subject to closure and loss of interest, and additions are permitted while the issue remains open. This deal is for savers aged 16 and over and can be operated in branch, post and online.

Savers who have yet to invest this year’s tax-free allowance will be delighted by this latest update from Principality Building Society. Paying 2.00% for five-years this deal enters the Moneyfacts.co.uk Best Buys and is likely to be a popular choice for savers looking for a longer-term home for their funds.


Mortgages

Virgin Money

Virgin Money has reviewed its Help to Buy two-year fixed rate mortgage, which is now priced at 3.85% to 1.6.18. This deal is for first and second-time buyers who borrow up to £475,000 at 95% loan-to-value. No fee is payable and an incentive package of a £300 rebate is available. This deal has the flexibility of being able to make overpayments of up to 10% of the outstanding balance and take payment holidays.

The 3.85% two-year fixed rate deal from Virgin Money is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. Borrowers with a small deposit will be able to take advantage of the lack of any product fees and the £300 cash rebate incentive, making this a popular choice for those looking for a well-known brand.

Virgin Money’s lending area includes Scotland.


Coventry Building Society

Coventry Building Society has tweaked its variable tracker rate for term mortgage, which is now priced at 2.35%. This deal is for all applicants who borrow at 90% loan-to-value. A fee of £999 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation up to maximum of £670 for all customers is available, along with free legal fees for remortgage customers. This deal has the flexibility to make unlimited overpayments and take payment holidays.

Borrowers looking for a variable rate for term mortgage will be intrigued by this latest update from Coventry Building Society. Priced at 2.35%, this deal enters the Moneyfacts.co.uk Best Buys. Not only will borrowers will enjoy a fantastic rate but they will also benefit from a great incentive package. Borrowers will also be able to take advantage of the unlimited overpayments to drive down their outstanding balance.

Coventry Building Society’s lending area includes Scotland.


Credit Cards

TSB

TSB has reduced its introductory balance transfer fee on its Platinum Purchase MasterCard. This deal now offers a 20-month interest-fee term for balance transfers with an introductory fee of 0.95% (min £2.95) after a partial refund. Purchases are also interest free for 20 months, after which they will be charged at 18.9% APR. Borrowers must be at least 18 years old to apply.

Borrowers looking to consolidate their credit card debts cheaply for a significant amount of time will be delighted by this latest change from TSB. A 20-month interest-free term for balance transfers with a small balance transfer fee of 0.95% makes this deal a cost-effective choice for many borrowers. As always, customers should aim to pay off the debt before the deal ends so that they do not incur any interest.


Notes to editors: Publications are free to reproduce the tables and comments for their readers and the correct sourcing should read Moneyfacts.co.uk. Online publications are also free to reproduce the tables and comments for their viewers by sourcing a hyperlink to Moneyfacts.co.uk on any page that uses the information provided.


About Moneyfacts

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.

Moneyfacts also supplies Best Buy charts to many of the UK national and regional newspapers. Our dedicated research experts produce five monthly publications as well as providing real-time news and data services to the majority of banks and building societies. Additional information can be found at www.moneyfactsgroup.co.uk.


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