Pick of the Week - 09/02/2017

Thursday, 9 February 2017
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

Masthaven Bank

Masthaven Bank has increased the rate on its two-year fixed rate bond, which now pays 1.58% upon its anniversary or 1.57% monthly. Savers can invest from £500 up to a maximum of £250,000. Additions are permitted within seven days of the account opening, but early access to funds is not allowed. This deal is for savers aged 18 and over and must be operated online.

The two-year fixed rate bond from Masthaven Bank, now paying 1.58%, is highly competitive and enters the Moneyfacts.co.uk Best Buys as a result. However, savers should be aware that there is no early access to funds, so they must ensure they are happy with their initial deposit.

Teachers Building Society

Teachers Building Society has launched a new 90-day notice cash ISA, which pays 1.05% yearly. Savers must invest from £100. Additions are permitted and penalty-free withdrawals are allowed provided 90 days’ notice is given. Accessing funds without giving notice will result in a 90-day loss of interest penalty. This deal is for savers aged 16 and over and can be operated by post and online.

Savers looking for a home for their tax-free savings will be delighted by this latest launch from Teachers Building Society. Paying 1.05%, this deal heads straight to the top of the Moneyfacts.co.uk Best Buys. With the extra flexibility of additions and early access to funds, this is likely to be a popular choice for many savers.

Mortgages

Skipton Building Society

Skipton Building Society has reviewed its two-year discounted variable rate mortgage, which is now priced at 1.39% (3.35% discount). This deal is for all applicants who wish to borrow at 60% loan-to-value. A fee of £495 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation for all borrowers and free legal fees for those remortgaging is available. This deal has the flexibility of making overpayments of up to 10% of the outstanding balance and taking payment holidays.

This 1.39% two-year discounted variable rate mortgage from Skipton Building Society cements a place in the Moneyfacts.co.uk Best Buys. With a low fee and a great incentive package, this is likely to be a cost-effective choice for those with the required 40% deposit.

Skipton Building Society’s lending area includes Scotland.

HSBC

HSBC has reduced its 10-year fixed rate mortgage, which is now priced at 2.94% to 30.6.27. This deal is for all applicants who wish to borrow between £10,000 and £1 million at 80% loan-to-value. No fee is payable. An incentive package of free valuation for all borrowers and free legal fees for those remortgaging is available. This deal has the flexibility of making overpayments of up to 20% of the mortgage payment every month.

Borrowers looking for the extra security of a long-term fixed rate will be intrigued by this latest update from HSBC. Priced at 2.94% for 10 years, this deal heads straight into the Moneyfacts.co.uk Best Buys. The additions of no fee and a great incentive package are likely to make this an attractive option for those looking for peace of mind.

HSBC’s lending area includes Scotland.


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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