Best Deals and Latest products in the UK Consumer Finance Market

Best UK consumer finance deals January 2020

Moneyfacts Finance Expert, Rachel Springall looks at some of the latest products and rate changes to hit the UK consumer finance market in January 2020.

With the murmurings of a possible base rate cut in 2020, finding the best deals could be a stressful and challenging task. Fortunately, Rachel Springall, a Finance Expert at Moneyfacts.co.uk, is on hand to help.

Rachel has uncovered the following products that could help to get your finances on track as we begin 2020:

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Best Deals and Latest products in the UK Consumer Finance Market 3

Best Savings Deal

Cynergy Bank – Online Easy Access Account – Issue 27

Commenting on the deal, Rachel says: “Cynergy Bank has reduced the rate paid on its Online Easy Access Account by 0.05% this week, but still holds a prominent position in the market. Now paying 1.31%, this deal may entice savers looking for some flexibility with their cash and have as little as £1 to start up a savings pot.

As this rate includes a 0.56% bonus for 12 months, savers would be wise to review the account a few weeks before it expires, as the rate will drop to 0.75%. The deal earns an Excellent Moneyfacts product rating in the process.”

Key product details:

  • Rate: 1.31% gross/1.31% AER, payable on its anniversary
  • Notice / term: No notice
  • Minimum opening amount: £1
  • Maximum investment amount: £1 million
  • Access: Unlimited withdrawals and access permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18, rate includes an introductory bonus of 0.56% for 12 months.

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Best Deals and Latest products in the UK Consumer Finance Market 4

Best Mortgage Deals

West Brom Building Society – Five-year fixed-rate mortgage, 95% loan-to-value

Rachel says: “West Brom Building Society has reduced the rate on its five-year fixed-rate mortgage this week, which is available to house purchase customers. Now priced at 2.89%, the deal comes with an incentive of free valuation and does not charge a product fee. As a result, this package may appeal to borrowers who have the required 5% deposit and are aiming to keep their initial costs down.”

Key product details:

  • Rate: 2.89% fixed to 31.3.25
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

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Principality Building Society – Three-year fixed-rate mortgage, 85% loan-to-value (via selected intermediaries)

Rachel says: “This week, Principality Building Society has made various changes to selected fixed rates in its range, with its three-year fixed deal reducing by 0.03%. Now priced at 2.05%, the deal carries an incentive package and does not charge a product fee, which may attract borrowers looking to save on the upfront cost of their deal.

All borrowers will receive a free valuation, but remortgage customers will be offered a free legal fees incentive. The deal earns an Outstanding Moneyfacts product rating in the process.”

Key product details:

  • Rate: 2.05% fixed to 30.4.23
  • Product fee: None
  • Maximum loan-to-value: 85%
  • Available to: All borrower types
  • Incentives: Free valuation for all borrowers and free legal fees for remortgage customers
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

Read more articles on finance in our dedicated section here.

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