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Credit card balance transfer deals are reducing
Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 29/05/2020

Those looking to switch a credit card balance will find fewer cards offering the best long term 0% transfer offers. Lloyds Bank, Halifax, Virgin Money and Sainsbury’s Bank have all cut the length of their balance transfer deals in recent weeks.
Virgin Money has made some of the steepest cuts to the balance transfer terms across three of its credit cards. The Virgin Money All Round Credit Cards at 20 and 23 months have reduced by five months, while the 0% Balance Transfer Credit Card at 24 months has reduced to 16 months. Virgin Money still has a 27 Month Balance Transfer Credit Card available with a low transfer fee of 1.45%.

Lloyds Bank and Halifax have reduced their credit 0% balance transfer offers by two months from 20 months to 18 months. Sainsbury Bank continues to be a consistent provider of long term 0% balance transfer deals, even after the Bank reduced its Balance Transfer Credit Card by two months to 26 months, and their Low Balance Transfer Fee Credit Card by one month to 25 months.
Those looking for a balance transfer card with zero fees to transfer can find the longest deal from Santander All in One Credit Card. This credit card offers a 0% balance transfer period of 26 months.

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The best ISA rates this week 29.5.20

Sadly, despite last week’s fall in the inflation rate to 0.8%, the ISA market continues to be somewhat fluid, with both rates and product availability still heading in a downward direction. However, there are bright spots for those who are still looking for the best, inflation-beating rate when it comes to a range of ISAs. Happily, the top products in the fixed rate, easy access and notice ISA categories are still offering rates that beat the current level of inflation – although it must be stressed that these could be withdrawn with little notice so consumers would be wise to act quickly to secure these deals.
As ever, savers should be aware that although we have included ISAs that can be opened and managed in branch, consumers are advised to check with the bank or building society to ensure this service is still available, as many are only providing essential banking services in branch at the moment due to the Government’s restrictions on movement.

 

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The best savings rates this week 29.05.20

There’s been quite a bit of change in the savings charts since our last round up a week ago. Several products and providers that were featuring prominently have dropped out of the tables and overall interest rates are noticeably lower than those of last week too.

Although inflation currently remains at 0.8% savers may not be able to rely on finding inflation-beating rates available in the charts forever. While rates as high as 1.90% AER continue to be available in the fixed rate bond charts, savers looking to secure the best rates are urged to act quickly as it is likely that savings rates will continue to fall over the next few months.

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The best residential mortgage rates this week 29.05.20

The market continues to be competitive and not many of the best rates have changed this week as a result. We have extended this week’s review to include some of the best mortgage rates at 80% and 90% loan-to-value (LTV) and the best 10year fixed deal for home-movers.
Although lockdown has been eased slightly so that surveyors are able to return to work, this is likely to be a slow process. However, some lenders are using automated and desktop valuations to try and complete mortgages as quickly as possible.
Borrowers should remember that the lowest rate may not be the best mortgage deal for them. It’s important to consider the effect of fees on your total mortgage cost, plus any features such as flexibility for overpayments.

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As only one in two businesses get a loan from CBILs - what more can be done to help?

The approval rate for businesses securing a loan under the Coronavirus Business Interruption Loans Scheme (CBILS) has remained at a 50% approval rate for the second week in a row. Data from HM Treasury shows that for the week to 24 May 2020 the approval rate was just below 51%, while Bounce Back loans have increased from 73% 17 May 2020 to 79% 24 May 2020.
While approval rates remain static the number of applications to CBILS also appears to be slowing. There were an additional 16,593 applications from 17 May 2020 to 10 May 2020, but only 3,483 between May 17 2020 and May 24 2020. The launch of Bounce Back loans on 5 May 2020 will account for some of this decline as businesses that need a loan of less than £50,000 switch from CBILS to Bounce Back.
The value of loans under CBILS given to businesses has increased to a total of £8.15 billion by 24 May 2020 compared to £18.49 billion of Bounce Back loans. In total British businesses have now received over £27 billion in loans and guarantees from the Government to support their cashflow during the Coronavirus crises.
The British Business Bank that manages these lending schemes has announced weekly new lenders to CBILS. The latest lenders to join are all regionally focussed, The FSE Group, FW Capital, Mercia Asset Management and Whiterock Finance. These lenders will support smaller businesses based in the north of England, the midlands and Northern Ireland.

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Moneyfacts Weekly Product News – 28.05.2020

28th May 2020

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you.

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Clydesdale/Yorkshire Bank relaunches 90% first-time buyer mortgage but buyers should expect delays

28th May 2020

Virgin Money relaunches their 90% FTB mortgage, but buyers could still face delays due to physical valuations. We show the lenders offering higher LTVs wth automated valuations.

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Savers opt for one year fixed rate accounts over longer term deals

27th May 2020

Savers are forgoing getting better rates by locking into long-term accounts and are instead opting for short-term accounts

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Six of the best two year fixed rate mortgages

27th May 2020

As the housing market starts moving again, mortgage borrowers will be pleased to see that lenders have also started re-introducing deals, especially within the higher loan-to-value market

As the housing market starts moving again, mortgage borrowers will be pleased to see that lenders have also started re-introducing deals, especially within the higher loan-to-value market

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The best residential mortgage rates this week 22.05.20

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Since the relaxing of social distancing rules in England last week, which now means physical valuations can once again take place and consumers can move home, a number of providers have started launching higher loan-to-value deals

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Our Team of Specialists

nigel woollsey
Online Writer
Derin Clark
Online Reporter
Michelle Monck
Consumer Finance Expert
Rachel Springall
Finance Expert & Press Officer
Sarah Brooks
Sub-Editor
Darren Cook
Mortgage Analytics Manager
Rachel Thrussell
Savings Analytics Manager

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