The Week Unzipped: Glitch delays pay day for NS&I bond

MORE than 8,000 National Savings & Investment savers will receive their January income by 5 February, after a technical glitch stopped this month's payment arriving.

The delay affected investors who purchased income bonds between 24 and 28 November each year. They are paid interest at an annual rate of 8 per cent, and any bank charges incurred will be covered.

Council pension blow

COUNCIL tax payers in England could see bills soar after it emerged a black hole in the Local Government Pension Scheme had doubled to 60 billion compared with two years ago, the Liberal Democrats revealed.

Housing perks up

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HOUSE sales in Scotland in December were more than double the level of a year ago, according to the latest Agency Express Property Activity Index, with Edinburgh the fourth best performing city in the UK.

The traditional Christmas slowdown still saw monthly house sales drop 28.1 per cent compared with the previous month.

Sales in Edinburgh dropped only 8.2 per cent compared to Glasgow, which saw a 29.4 per cent fall.

Best fix to get into

LEEDS Building Society launched a five-year fixed-rate Isa paying 4.6 per cent. Savers have unlimited access to 25 per cent of the sum invested at any time, without notice or penalty.

Elsewhere, Nationwide increased rates on several fixed and internet bonds. The updated range includes a three-year fix and e-bond at 4.7 per cent on balances over 25,000. Savers looking for products with shorter terms can earn 4.1 per cent fixed for two years and 3.5 per cent fixed for 18 months.

Top rate offers

COVENTRY Building Society cut mortgages rates by up to 0.54 per cent and reduced the deposit for its fixed-rate, base-rate tracker and Flexx for Term deals.

The revised range offers two-year fixes starting at 3.45 per cent with a 35 per cent deposit. It also offers an 85 per cent loan-to-value option for borrowers with smaller deposits at 5.15 per cent.

Tracker deals start at base rate plus 2.19 per cent for two years with a 25 per cent deposit.

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The Flexx range, which has no early repayment charge and allows unlimited overpayments, is available from 2.99 per cent with a 35 per cent deposit.

All deals include one valuation up to 650 and a legal package for remortgages.

Elsewhere, Clydesdale is offering a year's free buildings and contents insurance worth up to 1,000 or 500 towards arrangement fees on remortgages and home moves. Alternatively, fees can be cut by 500, on deals before 28 February.

Clydesdale has also cut the rates on its residential fixed mortgages by up to 0.3 per cent.