Santander's three-year fixed rate mortgage, which includes £250 cashback for borrowers, has been named the Moneyfactscompare.co.uk Pick of the Week by finance expert Rachel Springall. The deal was highlighted alongside other top products in savings and buy-to-let mortgages.
Santander mortgage selected for cashback and rate
The Santander three-year fixed rate mortgage, offered at 85% loan-to-value, is now priced at 5.17%. Rachel Springall noted that the deal provides "peace of mind for borrowers looking to secure their monthly mortgage repayments amid ongoing uncertainty surrounding the future path of interest rates."
The package includes a free valuation incentive, and the £999 product fee can be added to the mortgage advance. Borrowers will also receive £250 in cashback, which Springall said "may entice those looking to save on the upfront cost of their mortgage." The deal earns an Outstanding Moneyfacts product rating and is a Moneyfacts Best Buy.
Chip ISA leads savings market
In the savings sector, the Chip Smart Cash ISA was chosen for its "market-leading 4.82% AER." Springall explained that after "several rate hikes this week against the competition, Chip has come out on top to lead the market for direct applications with its easy access cash ISA."
The ISA pays 4.82% AER or 4.72% gross as monthly interest and allows unlimited withdrawals, though it does not allow transfers in. As the account includes a 12-month bonus, Springall advised savers to "make a diary note to review the deal when it expires." The core rate of 3.45% gross is guaranteed to track 0.30% below the Bank of England Base Rate, so savers can benefit from future rises. The deal earns an Excellent Moneyfacts product rating and is a Moneyfacts Best Buy.
OakNorth Bank and Lloyds deals also highlighted
The OakNorth Bank 24 Month Fixed Term Savings Account was also marked out as paying a "market-leading 5.21% AER" after a rate increase this week. The account has a minimum investment of just £1 and gives savers 14 days to make further additions, so they do not have to make a one-off large deposit on day one. It can be opened online or via the mobile app and earns an Excellent Moneyfacts product rating.
In the buy-to-let market, the Lloyds Bank two-year fixed rate mortgage at 75% loan-to-value was chosen. After a rate reduction this week, the deal is now priced at 5.45%. While it does not carry cost-saving incentives, it does not charge an upfront fee, making it one of the top deals in its sector. It earns an Excellent Moneyfacts product rating and is a Moneyfacts Best Buy.
