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Product launches of the week

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25/10/2013
Clydesdale and Yorkshire banks introduce new 4% current account; Nationwide to shake-up mortgage range; Charles Stanley Direct to launch new 'clean' Junior ISA.

SAVINGS

Cyldesdale and Yorkshire banks have launched a new current account paying 4% interest fixed until March 2015.

The Current Account Direct is specifically aimed at people who bank online, over the phone or using smartphones.

The account will pay 4% interest on credit balances up to £3,000 until March 2015. The interest will then drop to 2% AER.

 

MORTGAGES

Nationwide is to cut its entire range of mortgages at 90% LTV by 0.3% as part of a major shake-up of its high LTV products.

Nationwide, the only of the UK’s big six lender not to announce its support for the Help to Buy mortgage guarantee scheme, will also cut rates at 80% and 85% by 0.1%.

The product range will include a 3.99% two-year fixed rate up to 90% LTV with £900 product fee. First-time buyers will also receive a £500 product fee discount while existing borrowers will be given access to a lower rate of 3.89%.

Skipton Building Society has launched three new limited edition mortgage products, two aimed at people with lower LTVs who are looking to remortgage, and one at first and next time buyers with smaller deposits.

It has introduced a two year fixed rate 60% LTV mortgage with interest rate at 2.39%. A three year fixed rate 60% LTV at 2.78% and a two year fixed rate 90% LTV at 4.19%. The latter has a £499 completion fee and replaces the current 90% deal at 4.19% with £195 application fee and £800 completion fee.

The mortgages are fixed until 31 January 2016 (two-year fixes) and 31 January 2017 (three-year fixes). Early repayment charges: 3/2% (two-year fixes) and 4,3,2% (three-year fixes) of capital repaid and, after the product end date, interest to the end of the month., Overpayments of up to 10% per annum allowed without charge.

Virgin Money has announced a number of changes across its residential and buy-to-let mortgage ranges. It will reduce its 90% LTV two-year fixed rate mortgage product to 4.29% with a £995 fee.

It has also introduced a two-year fixed rate product at 2.29% up to 75% LTV with a £995 product fee; and a two-year Tracker at 1.89% up to 70% LTV, with a £995 product fee.

The fee-saver range has also been amended with a new three-year fixed rate at 2.59% up to 70% LTV with no fee, and a five-year fixed rate at 3.19% up to 70% LTV with no fee.

 

INVESTMENTS

Charles Stanley Direct is to enter the Junior ISA market with the launch of a clean priced product.

The Charles Stanley Direct Junior ISA will require a minimum lump sum investment of £500 or minimum monthly investment of £50, and charge an annual platform fee of 0.25% for fund holdings. Investors will have access to over 1,800 commission free or “clean” funds. The offering will be available from November 2013

Kames Capital has launched a closed-ended version of its previous Active Value Property fund with founding investor commitments of £115m.

The new closed-ended version of the Active Value Property Fund will follow the original open-ended investment strategy, targeting the good quality secondary property market, particularly those properties in the sub £15m price bracket.

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