Nationwide was picked out this week (Image: Bloomberg, Bloomberg via Getty Images)
A new Nationwide deal has been awarded an “outstanding” rating by financial experts this week. The Moneyfactscompare.co.uk Pick of the Week showcases the finest new products and rate changes to emerge in the consumer finance market.
Personal Finance Analyst Caitlyn Eastell has assessed the following deals, along with their associated benefits. In terms of mortgages, a Nationwide product was brought to the fore — specifically its two-year fixed rate mortgage at a 95% loan-to-value.
Caitlyn said: “Nationwide Building Society has reduced a selection of its fixed rate mortgages by up to 0.36%. While the two-year option at 95% loan-to-value has seen a slightly smaller cut, it’s enough to enter the ‘Best Buy’ tables and is now priced at a competitive 5.42%.
“First-time buyers may also be pleased to note the generous incentive package, which includes a free valuation and £500 cashback. On top of this those with qualifying green properties could receive up to an additional £500.
“Borrowers have the option to make overpayments, which can reduce their overall term and underpayments are also permitted subject to approval and provided overpayments have been made. Overall, this product becomes a Moneyfacts Best Buy and earns an Outstanding Moneyfacts product rating.”
NatWest was also highlighted (Image: NurPhoto, NurPhoto via Getty Images)
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Caitlyn also examined a range of other financial products, including savings accounts, drawing attention to Kent Reliance’s one-year fixed rate bond — issue 31.
She said: “This week, Kent Reliance increased the rate on its range of Fixed Rate Bonds. The one-year option fares best and now pays an attractive 4.71% AER, which takes the market-leading position.
“Savers will need to deposit at least £1,000, but further additions are permitted for 14 days from account opening via a nominated account, which may add to its appeal. As well as paying interest on its anniversary, there is also a monthly interest option.
“Like many fixed bonds, earlier access is not permitted so savers should plan carefully and be comfortable locking away their cash for the full term. On assessment, the account earns an Excellent Moneyfacts product rating.”
The expert also turned her attention to buy-to-let mortgages, singling out NatWest’s five-year fixed rate mortgage at 60% loan-to-value.
Caitlyn said: “The latest change from NatWest sees it reduce its fixed rate offerings. One deal to see a small cut is the five-year fixed rate at 60% loan-to-value for house purchase customers. The deal now charges 4.83% until July 31, 2031, this may appeal to landlords looking to minimise costs as the already reasonable £995 product fee is offset by its free valuation incentive.
“However, this deal is only available online, which some may want to consider. When assessed as a whole, this product takes a prominent position as a Moneyfacts Best Buy and earns an Outstanding Moneyfacts product rating.”
The Virgin Money Dual Credit Card Mastercard was the final product to receive a mention.
Caitlyn said: “This week Virgin Money has increased the introductory 0% purchase and balance transfer terms to 20 months on its Dual credit card. This may appeal to borrowers looking to transfer existing balances and make purchases interest-free over a longer period, however, the credit card APR rises to 24.9% after this period which should be considered.
“The balance fee stands at just 2.95% and is one of the most competitive rates available. Customers can enjoy exclusive offers and rewards on the Virgin Red app, which enhances its overall appeal. In any case, borrowers should consider the terms of their credit card carefully to ensure it’s the best deal for them. Overall, the card earns an Excellent Moneyfacts product rating.”