Classic car values are soaring

Matthew Partridge looks at the soaring value of alternative investments such as classic cars and antiques, and rounds up the rest of the week's personal finance news.

Antiques and classic cars may yet replace shares and bonds. The index tracking vintage motors went up 20% last year, while a Ferrari has just been sold for £20.2m. The Guardian points out that if the £6,000 the car cost in 1963 had been put in the bank instead, it would still only be worth £110,000. Peter Temple in the FT also notes that rare vintage stamps have gone up at an annual rate of 11% since 1998.

Warranties

Mortgages

Chelsea Building Society has launched a mortgage that is fixed at 3.19% for five years. However, there is a large fee of £1,495 and buyers require a deposit of 30%. Meanwhile, rival Santander is tightening its lending criteria for new interest-only deals. Customers will need to have a loan-to-value ofat least 50%, down from 75% previously. Existing customers who are moving house will also be affected.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Savings

Only weeks after snapping up Northern Rock, Virgin Money has launched two more savings accounts. The one-year bond pays a fixed-rate of 3%. And if you're prepared to lock your money away for three years, Virgin Money will pay you 3.3%. Identical individual savings account (Isa) versions are also available for both.

There's not much point in signing up to the new deals, however, as there are better offers elsewhere. AA, FirstSave and Shawbrook banks are all paying out 3.6% on a one-year bond. The competition for the three-year bond is even more impressive, with Clydesdale Bank and Yorkshire Bank both offering 4.3%.

MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.