Nationwide Building Society's two-year fixed rate mortgage at 95% loan-to-value has been named an 'outstanding' deal, offering borrowers up to £500 cashback plus an extra £500 for qualifying properties. The deal was highlighted in Moneyfactscompare.co.uk's Pick of the Week, which showcases the best of the latest products or rate changes across savings, mortgages, and current accounts.
Mortgage and savings deals highlighted
Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “Nationwide Building Society has reduced the majority of its fixed rate offerings with cuts of up to 0.15%. One deal to see a slightly smaller reduction of 0.10% is now priced at 5.34%, taking the lead position as a Best Buy for first-time buyers.
"This deal may be an attractive option for buyers with a limited deposit and for those looking to save on upfront costs, as there is no product fee and a generous incentive package which includes a free valuation incentive and £500 cashback."
For borrowers with qualifying properties, they could also receive up to an extra £500. Overall, this product earns an Outstanding Moneyfacts product rating.
ISA and buy-to-let picks
In the savings market, the UBL UK – 1 Year Fixed Rate Cash ISA was marked out. Eastell said: “This week, UBL UK has increased the rates on a handful of its Fixed Rate Cash ISAs. The one-year option fares best and takes the market-leading position paying 4.71%. Savers looking to make the most of their tax-free earnings may find this an enticing deal."
They will need to invest at least £2,000, but further additions are permitted for 10 days from account opening. Like many fixed ISAs, earlier access is permitted but subject to account closure and a 90 days' loss of interest penalty. The deal earns an Excellent Moneyfacts product rating.
The Principality Building Society Online Bonus Triple Access ISA was also highlighted. Eastell said: “Principality Building Society has increased the rate on its Online Bonus Triple Access ISA this week. The boost to 4.25% sees it take a competitive position as a Best Buy and may appeal to tax-savvy savers looking to maintain a small degree of flexibility."
However, the rate includes a 12-month 1.90% bonus, so savers should review their rate once it expires. Savers can open the account with as little as £1, and further additions are permitted at any time via a nominated account. Withdrawals are limited to three per tax year.
Buy-to-let and current account picks
In the buy-to-let market, HSBC's five-year fixed rate mortgage with a 65% loan-to-value was selected. Eastell said: “HSBC has reduced a selection of its fixed deals by up to 0.10% this week. While the five-year option at 65% loan-to-value saw a slightly smaller cut, it is now priced at a competitive 4.43% until 31 October 2031."
Landlords should look beyond the headline rate, as the deal comes with a £3,999 product fee, partially offset by its free valuation incentive. The deal earns an Outstanding Moneyfacts Product Rating and retains its position as a Moneyfacts Best Buy.
Finally, the Starling Bank current account was chosen. Eastell said: “This week, Starling Bank has launched a unique new switch incentive on its Current Account, where customers can receive a voucher worth £105 to redeem against a SURI Pro 2.0 toothbrush. In addition to its offer, customers have something else to smile about as the account has a generous 15% EAR arranged overdraft, helping it take the crown as a Best Buy for current accounts with an overdraft."
Customers also have access to Spaces to help them save and Bills Manager to keep on top of payments. The account earns an Excellent product rating.
