Pick of the Week - 03.11.16

Thursday, 3 November 2016
money
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

Metro Bank

Metro Bank has increased the rate on its one-year fixed rate bond by 0.30%; the bond now pays 1.20% upon its anniversary or 1.19% monthly. Savers must invest from £500. Additions and early access to funds is not permitted. This deal is for savers aged 16 and over and can be operated in branch, by telephone and online. Applicants must be 18 to open the account online.

Metro Bank has bucked the recent rate-cutting trend with the latest increase to its one-year fixed rate bond. Priced at 1.20%, this deal sits comfortably within the top ten in the market. With such an attractive rate, it will no doubt prove a popular option.

Mortgages

first direct

first direct has reduced its five-year fixed rate, which is now priced at 2.59%. This deal is for all applicants who wish to borrow between £10,000 and £400,000 at 85% loan-to-value. No fee is payable and an incentive package of free valuation for all borrowers and free legal fees for those remortgaging is available. This deal comes with the flexibility of being able to make overpayments. Non-first direct current account customers must open a current account to take advantage of the offer.

The 2.59% five-year fixed rate mortgage from first direct is reasonably priced in its sector. By charging no product fee and offering a decent incentive package, this deal is likely to be a cost-effective option for borrowers who have a modest deposit of 15%.

first direct's lending area includes Scotland.

Lloyds Bank

Lloyds Bank has improved the incentive package on its two-year fixed rate deal, priced at 1.99% to 28.2.19. This deal is for remortgage customers only who wish to borrow between £5,000 and £1 million at 60% 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, free legal fees and £500 cashback is available. This deal has the added flexibility of being able to make overpayments of up to 10% of the outstanding balance and take payment holidays.

Remortgage customers looking to minimise upfront costs will be intrigued by the latest update from Lloyds Bank. The 1.99% deal now boasts a great incentive package which includes free valuation, free legal fees and a £500 cash rebate, making this an attractive option for those looking to borrow with a high street brand.

Lloyds Bank's lending area includes Scotland.

Loans

Sainsbury's Bank

Sainsbury's Bank has reduced the rate on its unsecured personal loan tier of £7,500 to £15,000. Customers can now apply for this competitive loan with a term of 37 months to five years at 3.1% APR. Customers must be 18 or over, have a minimum household income of £7,500 per year, and be a Nectar cardholder. Applications can be made by phone or online.

Sainsbury's Bank improves its 'outstanding' Moneyfacts personal loan rating with a reduction to its £7,500 to £15,000 tier. This deal is highly competitive, making it an ideal choice for anyone looking to consolidate their debts.

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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.

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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