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DEALS – NO BETTER THAN BORIS CAN DO ?

Weekend Moneyfacts logo
Saturday 16th January 2021


Savings ISAs Mortgages Cards Banking Loans Business

Product Spotlight: Two-year 90% LTV mortgages



Are you a first-time buyer with a 10% deposit? Here are the best two-year fixed rate mortgages at 90% loan-to-value (LTV):



• First up is Nationwide Building Society with a 90% LTV deal fixed at 3.24% (3.6% APRC) for two years, after which the rate reverts to 3.59% variable. The fee for this mortgage is £999, but it’ll cover all valuation fees and give the borrower £500 cashback on completion. Underpayments and overpayments are permitted, too.



• Coventry Building Society is next, with a rate of 3.29% (4.3% APRC) that’s fixed to 31 March 2023, before reverting to 3.99% variable for term. The fee is £999, but it’ll cover valuation fees (max £670) and overpayments are permitted. For those remortgaging rather than buying their first home, legal fees are paid for as well.



• Completing this overview is Digital Mortgages by Atom Bank, with a two-year mortgage that’s priced at 3.39% (3.6% APRC) to 31 March 2023, before reverting to 3.50% variable. There’s a fee of £900, but the incentive package includes free valuation and £500 cashback, which could help to offset some of the initial outlay. Overpayments are also permitted.



To find more two-year first-time buyer mortgages, head to our chart or speak to a broker for a personalised overview.

View the deals >>>

Product Spotlight: 0% credit cards for bad credit



If you’ve got a poor credit history but want to build your credit rating, while also benefiting from a 0% term to spread the cost of a big purchase, you’re going to need the right credit card to help.



Your choices are somewhat limited, but there are a couple of options available; just make absolutely certain that you can afford the minimum repayments, and ideally try to repay the balance before the 0% period ends, as standard rates on these cards can be particularly hefty. The interest rate you are offered may be higher than shown, too, depending on your credit rating.



• NewDay Ltd is your first option, with its Amazon Classic Mastercard offering a three-month 0% term on purchases with a standard APR of 29.9% thereafter. It can be applied for online and new cardholders will get an Amazon gift card, too.



• Your second choice is Barclaycard, with its Forward Credit Card Visa offering another three-month 0% purchase term but with a higher standard APR of 33.9%. Applicants must be at least 18 years old with a minimum income of £3,000, and they can apply for it online, in branch or by phone.



To find out more, head to our chart.

View the deals >>>

Savings




AER

Notice / Term

Easy Access*

0.60%

None

View table

Fixed Rate Bonds*

1.50%

5 Years

View table

Fixed Rate ISAs*

1.30%

5 Years

View table

Variable Rate ISAs*

0.60%

None

View table

Regular Savings Accounts*

2.00%

12 Months

View table

Notice Accounts*

0.85%

95 Days

View table

Monthly Interest Accounts*

1.35%

7 Years

View table

*Excludes linked accounts, existing customer deals, profession or location dependent accounts

Deal of the week


Easy Access Issue 14



If you’re looking for a simple, straightforward easy access account, this deal from Aldermore could be for you. Easy Access Issue 14 pays a rate of 0.50% AER from a minimum of £1,000, with unlimited further additions permitted and withdrawals allowed at any time. It’s a purely internet-operated account that pays interest on its anniversary.

APPLY NOW

Mortgages




Rate

Period

APRC


First Time Buyer*

100% LTV

2.74%

(DV)

2 Years

4.5%

View table

Remortgage*

60% LTV

1.14%

(F)

to 30

April

2023

3.9%

View table

Buy-to-let*

65% LTV

1.19%

(F)

to 31 March
2023

4.5%

View table

Moving Home*

60% LTV

1.14%

(F)

to 30

April

2023

3.8%

View table

*Excludes existing customer only or location specific products



Representative example: £168,000 mortgage over 25 years initially at 2.74% variable for 24 months reverting to 4.74% variable for term. 24 monthly payments of £774.14 and 276 monthly payments of £943.39. Total amount payable £279,290.00 includes loan amount, interest of £110,955, valuation fees of £185 and product fees of £0. The overall cost for comparison is 4.5% APRC representative.

Deal of the week


Two-year remortgage



Looking to remortgage your home? This two-year fixed deal from NatWest could be the perfect choice: priced at 1.29% (3.3% APRC) to 31 March 2023, it’s available at up to 60% loan-to-value and comes with a fee of £995. Overpayments are permitted, and as an added incentive, it’ll cover valuation costs and legal fees.



YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Terms and Conditions apply

APPLY NOW

Representative Example: £178,000 mortgage over 25 years initially at 1.29% fixed for 26 months reverting to 3.59% variable for term. 26 monthly payments of £694.46 and 274 monthly payments of £881.82. Total amount payable £260,989.64 includes loan amount, interest of £81,675, valuation fees of £0 and product fees of £995. The overall cost for comparison is 3.3% APRC representative.



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Consumers have been warned of the dangers of investing in cryptoassets, including Bitcoin, by the Financial Conduct Authority (FCA), and have been told that those considering these types of investments should be prepared to lose all their money. Building up a more stable investment portfolio is often considered the more sensible option; we look at how to do it.

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The best mortgage deals without a fee

Locking into a new mortgage deal can be a great way to reduce monthly repayments, especially if the borrower is on the lender’s standard variable rate. However, it can also result in having to pay additional charges, with product fees having the potential to add more than £1,000 to the cost of a mortgage. So, to help borrowers find the best mortgage deal that does not charge a product fee – reducing the cost of a new deal and thereby keeping upfront costs to a minimum – we’ve highlighted the lowest rates available on two and five-year mortgages that are also fee-free.

Continue reading >>>



How to get a home improvement loan for a home office

More of us are working from home now due to Coronavirus restrictions, and the indications from many employers is that home working is very much here to stay. As a result, many people are now considering transforming a spare room into an office, or even adding an extension onto their house or installing a studio in their garden. We explore the different ways to finance these kinds of home improvements, from a 0% credit card to remortgaging your home, with the option that’s right for you depending on how much you want to spend and your credit history.

Continue reading >>>

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.

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Deal of the week


Unbiased financial adviser network



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News Highlights

Savings News



– The best savings rates this week 15.01.21



– The best ISA rates this week 14.01.21



– Is it worth switching your account to a higher rate in 2021?

Mortgages News



– The best residential mortgage rates 15.01.21



– How to get onto the property ladder in 2021



– First-time buyer deals almost double month-on-month

Money News



– 2021 SIPP and SSAS Annual Moneyfacts Star Ratings revealed



– Santander set to cut current account interest rates – should you switch?



– Moneyfacts Weekly Product News – 14.01.21

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