Lloyds Bank has launched an 18-month tracker bond paying 1.29% for balances of more than £2,000, and 1.34% for balances of more than £50,000. Additions and early access to funds are not permitted. This deal is for savers aged 16 and over and can be operated in branch and by telephone.
It’s good because: This offers a reasonable rate, and with a possible base-rate change on the horizon, the tracker aspect may add to its appeal. But with no early access to the money, savers will need to be happy with their initial investment.
Tesco Bank is offering loans from £1,000 to £2,999 at 18.4% APR for between one and three years. Customers must be 18 and over and apply online or by telephone.
It’s good because: People looking to borrow a small amount over the short term will find this a very cost-effective choice.
Coventry Building Society has reduced its variable rate to 1.85%. This deal is for all customers who borrow up to 65% loan-to-value (LTV). There is a fee of £999, of which £800 can be added to the advance. Incentives of a free valuation (up to a value of £670) and free legal fees for remortgages are available. Overpayments and payment holidays are allowed, and there is also no redemption penalty.
It’s good because: This variable rate tracker is competitively priced and offers the lowest rate available in its sector. The generous incentives package helps it head straight into the best buys. Borrowers looking for flexibility will be pleased that this product has no penalty payable for early redemption, unlike many other mortgages.
Leeds Building Society has reduced the rate on its three-year fixed rate, which is now priced at 3.24% until the end of 2017. This deal is available for people who borrow up to £500,000 at 80% LTV. There is a fee of £199 and incentives of a free valuation (up to a value of £335), a £1,000 rebate and free legal fees for remortgage customers. Overpayments of up to 10% of the outstanding balance are allowed.
It’s good because: Borrowers looking to minimise their upfront costs will be excited by this latest update. It is reasonably priced and there is a fantastic incentive package.