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Moneyfacts Pick of the Week - 20/01/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
20/01/2022

Moneyfacts Pick of the Week

The Moneyfacts.co.uk 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 provided they are sourced to our expert at Moneyfacts.co.uk.

This week, our resident Finance Expert, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfacts.co.uk 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 provided they are sourced to our expert at Moneyfacts.co.uk.

This week, our resident Finance Expert, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Savings

UBL UK – 2 Year Fixed Rate Cash ISA

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“UBL UK has increased the rates paid on a selection of its Fixed Rate Cash ISAs this week. The 2 Year ISA now pays an attractive rate of 1.25% on anniversary, securing the deal a place in our top tables when compared to other ISAs with similar terms. Savers still to use their ISA allowance and who are comfortable securing their cash away for the two years required may be enticed by the rate of return, for which there is the option to receive the interest monthly, on anniversary or on maturity. Further additions are not permitted, while earlier access and transfers out are only possible on account closure and are subject to an interest penalty, so careful planning may be wise. Overall, this account receives an Excellent Moneyfacts product rating.” 

Key product details:

  • Rate: 1.25% gross / 1.25% AER payable on anniversary / on maturity interest option of 1.26% gross / 1.25% AER also available / monthly interest option of 1.24% gross / 1.25% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £2,000
  • Maximum investment amount: ISA allowance
  • Access: Only on closure and subject to 180-day loss of interest penalty
  • Further additions: Not permitted
  • Transfers in: Permitted. Accepts cash ISAs
  • Transfers out: Permitted, subject to 180-day loss of interest penalty
  • Opening account: Online, via its mobile app, by post and in branch
  • Managing account: Online, via its mobile app, by phone, by post and in branch
  • Other information: Minimum applicant age 18. 

Yorkshire Building Society – Make Me A e-Saver 

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Yorkshire Building Society has launched a competitive regular savings account onto the market, which sits just outside of the top 10 top deals in its sector. Paying a variable rate of 1.00% until 31.1.23, the deal may appeal to savers who are looking for an account which will help them get into the habit of setting money aside every month. Savers may wish to note that a maximum amount of £150 per month can be deposited, and those savers who deposit at least £50 per month will be entered into a monthly prize draw to win £1,500. On assessment, this account receives an Excellent Moneyfacts product rating.” 

Key product details:

  • Rate: 1.00% gross / 1.00% AER variable, payable on maturity
  • Notice / term: 31.1.23
  • Minimum opening amount: £1
  • Maximum investment amount: £1,950 (13 monthly payments of £150)
  • Access: Permitted
  • Further additions: Additional payments permitted, subject to a maximum of £150 per month
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. Joint account option available. A version of this account paying the same rate is available for those looking to apply in branch or by post called Make Me A Saver. Reverts into Easy e-Saver at maturity.

 

Mortgages 

Furness Building Society – Five-year fixed rate mortgage, 95% loan-to-value 

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Among the deals to receive a rate reduction in the latest update from Furness Building Society is a five-year fixed rate deal at 95% loan-to-value. Receiving a significant cut of 0.44%, this offering is priced at 2.85% and is available to both those purchasing or remortgaging who have the required 5% deposit or equity. While there are slightly lower initial rates currently on offer within this sector of the market, those deals tend to carry fees, whereas this option does not. Furthermore, those who have had to stretch to save for their deposit, or those with little spare cash to meet mortgage set-up costs, may find this deal even more tempting as there is also an incentive package available, which could please those wanting to keep any outlay associated with setting up a mortgage to a minimum. After the rate cut, and considered as a whole package, this deal secures an Outstanding Moneyfacts product rating.” 

Key product details:

  • 2.85% fixed rate for five years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: All borrowers
  • Incentives: Free valuation and for those remortgaging either free legal fees (England and Wales) or £150 towards legal fees (England, Wales and Scotland)
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

Santander – Two-year fixed rate mortgage, 90% loan-to-value 

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Borrowers with a 10% deposit who are looking to secure a mortgage to purchase a home may wish to note that among the products to receive a rate cut from Santander this week is a two-year fixed rate option. Now priced at 1.94% until 2 May 2024, not only is there no fee to pay for this deal, but borrowers could also benefit from a generous incentive package which includes a free valuation plus £250 cashback. The combination of competitive rate and product features ensure that this deal secures an Outstanding Moneyfacts product rating and a place in our top tables.” 

Key product details:

  • 1.94% fixed rate to 2.5.24
  • Product fee: None
  • Maximum loan-to-value: 90%
  • Available to: First and second-time buyers
  • Incentives: Free valuation (max £1,190) for properties valued up to £2.5m and £250 cashback
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain & Northern Ireland

 

Buy-to-Let Mortgages 

HSBC – Two-year fixed rate mortgage, 75% loan-to-value 

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“HSBC has made rate reductions of up to 0.10% across a selection of its buy-to-let deals this week. One option to see a cut is the two-year fixed offering for landlords looking to purchase at 75% loan-to-value. Dropping by 0.05%, this product is now priced at 1.89% until 30 April 2024. The deal continues to carry no fee and still offers the incentive of a free valuation, which might further entice those who need to ensure they keep any outgoings linked with securing a new mortgage to a minimum. On assessment this deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • 1.89% fixed rate to 30.4.24
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland

Skipton Building Society – Two-year variable tracker rate mortgage, 70% loan-to-value 

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“This week saw Skipton Building Society introduce a couple of new two-year variable tracker deals to its buy-to-let product range. One of the offerings is open to landlords who are purchasing plus those who are remortgaging, and is priced at 1.75% for two years and available to a maximum loan-to-value of 70%. Based on rate alone, this is the lowest initial rate currently on offer within its sector of the market, and for investors who are comfortable with a variable rate product its appeal is boosted further when the total package is considered, balancing a relatively low fee of £995 against incentives of a free valuation and, for those remortgaging, free legal fees. Overall, the deal receives an Outstanding Moneyfacts product rating.”

Key product details:

  • 1.75% variable tracker rate (collared at 1.75%) for two years
  • Product fee: £995
  • Maximum loan-to-value: 70%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation, and for those remortgaging free legal fees
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

Savings

UBL UK – 2 Year Fixed Rate Cash ISA

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“UBL UK has increased the rates paid on a selection of its Fixed Rate Cash ISAs this week. The 2 Year ISA now pays an attractive rate of 1.25% on anniversary, securing the deal a place in our top tables when compared to other ISAs with similar terms. Savers still to use their ISA allowance and who are comfortable securing their cash away for the two years required may be enticed by the rate of return, for which there is the option to receive the interest monthly, on anniversary or on maturity. Further additions are not permitted, while earlier access and transfers out are only possible on account closure and are subject to an interest penalty, so careful planning may be wise. Overall, this account receives an Excellent Moneyfacts product rating.” 

Key product details:

  • Rate: 1.25% gross / 1.25% AER payable on anniversary / on maturity interest option of 1.26% gross / 1.25% AER also available / monthly interest option of 1.24% gross / 1.25% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £2,000
  • Maximum investment amount: ISA allowance
  • Access: Only on closure and subject to 180-day loss of interest penalty
  • Further additions: Not permitted
  • Transfers in: Permitted. Accepts cash ISAs
  • Transfers out: Permitted, subject to 180-day loss of interest penalty
  • Opening account: Online, via its mobile app, by post and in branch
  • Managing account: Online, via its mobile app, by phone, by post and in branch
  • Other information: Minimum applicant age 18. 

Yorkshire Building Society – Make Me A e-Saver 

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Yorkshire Building Society has launched a competitive regular savings account onto the market, which sits just outside of the top 10 top deals in its sector. Paying a variable rate of 1.00% until 31.1.23, the deal may appeal to savers who are looking for an account which will help them get into the habit of setting money aside every month. Savers may wish to note that a maximum amount of £150 per month can be deposited, and those savers who deposit at least £50 per month will be entered into a monthly prize draw to win £1,500. On assessment, this account receives an Excellent Moneyfacts product rating.” 

Key product details:

  • Rate: 1.00% gross / 1.00% AER variable, payable on maturity
  • Notice / term: 31.1.23
  • Minimum opening amount: £1
  • Maximum investment amount: £1,950 (13 monthly payments of £150)
  • Access: Permitted
  • Further additions: Additional payments permitted, subject to a maximum of £150 per month
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. Joint account option available. A version of this account paying the same rate is available for those looking to apply in branch or by post called Make Me A Saver. Reverts into Easy e-Saver at maturity.

 

Mortgages 

Furness Building Society – Five-year fixed rate mortgage, 95% loan-to-value 

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Among the deals to receive a rate reduction in the latest update from Furness Building Society is a five-year fixed rate deal at 95% loan-to-value. Receiving a significant cut of 0.44%, this offering is priced at 2.85% and is available to both those purchasing or remortgaging who have the required 5% deposit or equity. While there are slightly lower initial rates currently on offer within this sector of the market, those deals tend to carry fees, whereas this option does not. Furthermore, those who have had to stretch to save for their deposit, or those with little spare cash to meet mortgage set-up costs, may find this deal even more tempting as there is also an incentive package available, which could please those wanting to keep any outlay associated with setting up a mortgage to a minimum. After the rate cut, and considered as a whole package, this deal secures an Outstanding Moneyfacts product rating.” 

Key product details:

  • 2.85% fixed rate for five years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: All borrowers
  • Incentives: Free valuation and for those remortgaging either free legal fees (England and Wales) or £150 towards legal fees (England, Wales and Scotland)
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

Santander – Two-year fixed rate mortgage, 90% loan-to-value 

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Borrowers with a 10% deposit who are looking to secure a mortgage to purchase a home may wish to note that among the products to receive a rate cut from Santander this week is a two-year fixed rate option. Now priced at 1.94% until 2 May 2024, not only is there no fee to pay for this deal, but borrowers could also benefit from a generous incentive package which includes a free valuation plus £250 cashback. The combination of competitive rate and product features ensure that this deal secures an Outstanding Moneyfacts product rating and a place in our top tables.” 

Key product details:

  • 1.94% fixed rate to 2.5.24
  • Product fee: None
  • Maximum loan-to-value: 90%
  • Available to: First and second-time buyers
  • Incentives: Free valuation (max £1,190) for properties valued up to £2.5m and £250 cashback
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain & Northern Ireland

 

Buy-to-Let Mortgages 

HSBC – Two-year fixed rate mortgage, 75% loan-to-value 

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“HSBC has made rate reductions of up to 0.10% across a selection of its buy-to-let deals this week. One option to see a cut is the two-year fixed offering for landlords looking to purchase at 75% loan-to-value. Dropping by 0.05%, this product is now priced at 1.89% until 30 April 2024. The deal continues to carry no fee and still offers the incentive of a free valuation, which might further entice those who need to ensure they keep any outgoings linked with securing a new mortgage to a minimum. On assessment this deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • 1.89% fixed rate to 30.4.24
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland

Skipton Building Society – Two-year variable tracker rate mortgage, 70% loan-to-value 

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“This week saw Skipton Building Society introduce a couple of new two-year variable tracker deals to its buy-to-let product range. One of the offerings is open to landlords who are purchasing plus those who are remortgaging, and is priced at 1.75% for two years and available to a maximum loan-to-value of 70%. Based on rate alone, this is the lowest initial rate currently on offer within its sector of the market, and for investors who are comfortable with a variable rate product its appeal is boosted further when the total package is considered, balancing a relatively low fee of £995 against incentives of a free valuation and, for those remortgaging, free legal fees. Overall, the deal receives an Outstanding Moneyfacts product rating.”

Key product details:

  • 1.75% variable tracker rate (collared at 1.75%) for two years
  • Product fee: £995
  • Maximum loan-to-value: 70%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation, and for those remortgaging free legal fees
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Contact Us If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.
Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert