A Santander two-year fixed-rate mortgage that offers borrowers £250 cashback has been named an 'Outstanding' deal by a financial expert at Moneyfactscompare.co.uk. The deal was highlighted in the company's weekly Pick of the Week, which reviews the latest products and rate changes across savings, current accounts and mortgages.
Savings: Kent Reliance ISA rate rise
The weekly review began with savings, selecting the Kent Reliance 1 Year Fixed Rate Cash ISA – Issue 9 as a strong option. Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “Kent Reliance has increased the rates on a handful of its fixed rate cash ISAs this week, including its 1 Year Fixed Rate Cash ISA – Issue 9. The account is just shy of the leading Best Buy position; however, the boost improves its standing in the top 10 and now pays a highly competitive 5.02% on its anniversary.”
Eastell added: “Savers also have the option of choosing monthly interest. This deal may be an enticing option for those looking to make the most of their ISA allowance and guarantee their returns for the next year.” Savers must invest at least £1,000, with further additions permitted for 30 days from opening via a nominated account. Those with larger balances can deposit up to £900,000. Early access is available via a nominated account, subject to a 90-day loss of interest penalty. The deal earns an Excellent Moneyfacts product rating.
Mortgages: Santander rate cut and cashback
In the mortgage market, the Santander two-year fixed-rate mortgage at 60% loan-to-value was chosen. Eastell said: “In its latest update to its residential range, Santander has reduced selected fixed rates by up to 0.20%. One option to see a cut is the two-year deal for remortgage customers at 60% loan-to-value, which is now priced at 4.92% to February 2, 2029.”
“The mortgage may be an attractive option for borrowers looking to save on upfront costs as it comes with a £999 fee and a generous incentive package, which includes a free valuation and either £250 cashback or free legal fees. When considered as a whole, the reduction is enough to earn this deal an Outstanding Moneyfacts product rating.”
Buy-to-let: NatWest Best Buy
In the buy-to-let mortgage market, Moneyfacts highlighted the NatWest two-year fixed rate mortgage at 60% loan-to-value. Eastell said: “This week NatWest has reduced selected fixed rates in its buy-to-let portfolio by up to 0.15%. One option to see a slightly smaller cut is the two-year 60% loan-to-value deal for house purchase landlords.”
“It is now priced at a competitive 5.01%, which sees it take the top position as a Best Buy when compared to its peers. Alongside the rate cut, landlords can expect a reasonable £995 fee and a free valuation incentive, which may make it an ideal option for those looking to keep initial costs low. On assessment, the deal earns an Outstanding product rating.”
