Latest news with #TomDavies
Yahoo
13 hours ago
- Business
- Yahoo
Lenders follow Bank of England and hold mortgage rates
Most lenders opted to maintain their mortgage deals as the Bank of England (BoE) decided to hold interest rates on Thursday, but experts expect more sub-4% offers in the coming weeks. The average rate for a two-year fixed mortgage stands at 4.89%, while five-year fixed deals average 5.19%, according to data from Uswitch. The Bank of England has kept interest rates at 4.25% amid inflation fears, delivering a blow to homeowners who were expecting a relief in their mortgage. However, industry experts are not giving up hope yet. Tom Davies, group financial services managing director at LRG, said: "For prospective buyers, the key question shouldn't be, 'Will the rate fall again soon?' but, 'Can I afford to buy now, and is the right property available?'. Today that answer is more often yes than no. Buyers who wait for the perfect moment may find it never arrives — or that it passes them by. "What matters now is a functioning, competitive mortgage market with realistic pricing and good choice. That's a strong foundation: a good environment for anyone looking to move or invest." Matt Thompson, head of sales at estate agency Chestertons, said: 'Some buyers paused their property search in the hope for another interest rate cut and a more varied selection of mortgage products but higher-than-expected inflation has diminished those odds for the time being. "We have recently seen some lenders increase the cost of their fixed-rate deals but there are still sub-4% options available which will encourage some house hunters to resume their search over the coming weeks.' Read more: UK house price growth halves after stamp duty break end The primary inflation measure, the Consumer Price Index (CPI), stood at 3.4% in the 12 months to May, a slowdown from the previous month. However, price increases are still well above the BoE's 2% target. This week among the major lenders only Halifax reduced rates, as most banks decided not to touch their mortgage deals. HSBC (HSBA.L) has a 4.01% rate for a five-year deal, unchanged from the previous week. For those with a Premier Standard account with the lender, this rate is 3.98%. Looking at the two-year options, the lowest rate is 3.99% with a £999 fee, also unchanged from the previous week. Both cases assume a 60% loan-to-value (LTV) mortgage, meaning buyers need to have at least 40% for a deposit. HSBC offers 95% LTV deals, meaning you only need to save for a 5% deposit. However, the rates are much higher, with a two-year fix at 5.05% or 4.89% for a five-year fix. This is because their financial situation and deposit size determine the rate someone can get. The larger the deposit, the lower the LTV, allowing buyers to access better deals because lenders consider them less risky. NatWest's (NWG.L) five-year deal is 3.95% with a £1,495 fee, untouched from the previous week. The cheapest two-year fix deal is 3.2%, again the same as last week. You'll need at least a 40% deposit to qualify for the rates in both cases. At Santander (BNC.L), a five-year fix is 4.08%% for first-time buyers, the same as before. It has a £999 fee, assuming a 40% deposit. Read more: Number of million-pound homes for sale in Britain doubles since 2019 For a two-year deal, customers can also secure a 4.01% offer, with the same £999 fee, again unchanged. However, the lender has cut a raft of deals for first-time buyers: 90% LTV two-year fixed rate with a £0 fee and £250 cashback. Rate reduced by 0.15% to 4.73%. 95% LTV two-year fixed rate with a £0 fee and £250 cashback. Rate reduced by 0.14% to 5.00%. 90% LTV five-year fixed rate with a £999 fee and £250 cashback. Rate reduced by 0.10% to 4.47%. 95% LTV five-year fixed rate with a £0 fee and £250 cashback. Rate reduced by 0.22% to 4.85%. The new pricing is available to all customers, whether they are applying via a broker or directly, under Santander's "no dual pricing" pledge. Barclays (BARC.L) was the first among major lenders to bring back under-4% deals and currently has a five-year fix at 3.99%, unchanged from last week. For "premier" clients, this rate drops to 3.98%. The lowest for two-year mortgage deals is 3.97%, also unchanged. Barclays last month launched a mortgage proposition to help new and existing customers access larger loans when purchasing a home. The initiative, known as Mortgage Boost, enables family members or friends to effectively "boost" the amount that can be borrowed toward a property without needing to lend or gift money directly or provide a larger deposit. Under the scheme, a borrower's eligibility for a mortgage can increase significantly by including a family member or friend on the application. For example, an individual with a £37,500 annual income and a £30,000 deposit might traditionally be able to borrow up to £168,375, enabling them to purchase a home priced at around £198,375. However, with Mortgage Boost, the total borrowing potential can rise substantially if a second person, such as a parent, joins the application. In this case, if the second applicant also earns £37,500 a year, the combined income could push the borrowing limit to £270,000, enabling the buyer to afford a home worth up to £300,000. Nationwide's (NBS.L) lowest mortgage rate for first-time buyers is 4.24% for a five-year fix, which is the same as before. First-time buyers are currently looking at 4.04% for a two-year fix, again no changes from the previous week. Read more: Average UK house asking price drops by more than £1,000 The lender has adjust its mortgage affordability calculation by reducing stress rates by 0.75 and 1.25 percentage points, helping applicants borrow more, whether buying a first home, moving, or remortgaging. Applicants can borrow, on average, £28,000 more; however, in some remortgage cases, customers could borrow up to £42,600 more. Nationwide also reduced its standard stress rate and the rate applied to eligible first-time buyers and home movers fixing their deal for at least five years. Halifax, the UK's biggest mortgage lender, offers a five-year rate of 4.03% (also 60% LTV), untouched from last week. The lender, owned by Lloyds (LLOY.L), offers a two-year fixed rate deal at 3.97%, with a £999 fee for first-time buyers, lower than the previous 4%. It also offers a 10-year deal with a mortgage rate of 4.78%. Read more: How to choose where to live as you get older Halifax has enhanced its five-year fixed mortgage products by increasing borrowing capacity. This improvement allows borrowers to access up to £38,000 more, enabling them to secure larger mortgages based on individual incomes. Rachel Springall, finance expert at Moneyfacts, said: "The flourishing choice of low-deposit mortgages will no doubt be welcomed by borrowers looking to remortgage or are a first-time buyer. "The government has been clear that it wants lenders to do more to boost UK growth, and so a rise in product availability for aspiring homeowners is a healthy step in the right direction." NatWest's currently offers some of the lowest rates, with a five-year fix coming in at 3.95% and a two-year deal at 3.92%. However both require a hefty 40% deposit. The average UK house price is £297,781, so a 40% deposit equals about £120,000. A growing number of homeowners in the UK are opting for 35-year or longer mortgage terms, with a significant rise in older borrowers stretching their repayment periods well into their 70s. Read more: UK inflation slows to 3.4% in May as transport costs ease Lender April Mortgages offers buyers the chance to borrow up to six times their income on loans fixed for five to 15 years, from a deposit of 5%. Both those buying alone and those buying with others can apply for the mortgage. As part of the independent Dutch asset manager DMFCO, the company offers interest rates starting at 5.20% and an application fee of £195. Skipton Building Society has also said it would allow first-time buyers to borrow up to 5.5 times their income to help more borrowers get on the housing ladder. Leeds Building Society is increasing the maximum amount that first-time buyers can potentially borrow as a multiple of their earnings with the launch of a new mortgage range. Aspiring homeowners with a minimum household income of £40,000 may now be able to borrow up to 5.5 times their earnings. Mortgage holders and borrowers have faced record-high repayments in recent years, as the Bank of England's base rate has been passed on by banks and building societies. According to UK Finance, 1.3 million fixed mortgage deals are set to end in 2025. Many homeowners will hope the Bank of England acts quickly to cut rates more aggressively. At the same time, savers will likely root for rates to remain at or near their current levels. Read more: The pros and cons of getting a mortgage into your 70s How school fees can affect your mortgage borrowing Pros and cons of lifetime ISAs
Yahoo
18 hours ago
- Business
- Yahoo
Bank of England holds interest rates at 4.25% amid inflation fears
The Bank of England (BoE) has kept interest rates untouched at 4.25% amid the global uncertainty and surging food and oil prices. The decision had been widely anticipated by markets, particularly following inflation data for May showing prices rising 3.4% — well above the Bank's 2% target. Investors and economists saw little chance of a rate cut, especially with tensions in the Middle East escalating and pushing oil prices higher. Tom Davies, group financial services managing director at LRG, said: "The Bank of England's decision to hold the base rate at 4.25% comes as no surprise. After May's cut from 4.5%, the likelihood of back-to-back reductions had already faded in the face of persistent inflation, higher labour costs and geopolitical uncertainty." Indeed, the Monetary Policy Committee (MPC), led by governor Andrew Bailey, was expected to maintain a cautious tone even before the outbreak of conflict between Israel and Iran sent oil prices soaring by 8.5% in less than a week. Zara Nokes, global market analyst at JPMorgan Asset Management, said UK inflation is still 'uncomfortably high'. "Escalating tensions in the Middle East, and the upward pressure this is putting on oil prices, will only add to the Bank of England's concern about easing rates too quickly," she said. "The Monetary Policy Committee will face a tougher choice when meeting again in August, given the combination of still-sticky inflation and evidence that the labour market is quite clearly cooling. A deterioration in the labour market should, in theory, put downward pressure on inflation, but until there are clear signs of this in the hard data, the Bank should be careful not to claim victory over inflation quite yet, not least because of the uncertain geopolitical climate.' Read more: UK inflation slows to 3.4% in May as transport costs ease The UK economy contracted 0.3% in April, marking the sharpest monthly decline since 2023. Analysts cited the lingering effects of US president Donald Trump's trade tariffs and a temporary hit from the expiration of the stamp duty holiday. Despite four rate cuts over the past year, the BoE is proceeding cautiously after aggressive tightening through 2022 and 2023 to combat inflation. Markets currently expect two more 25 basis-point cuts by the end of 2025. Matthew Ryan, head of market strategy at Ebury, said: 'For now, we are sticking by our call for just two further cuts to the base rate between now and year-end, possibly in August and November, when the latest Monetary Policy Reports will be released. 'We don't believe that the MPC will entertain the idea of lowering rates more aggressively than that just yet." The Bank rate is a key reference point for borrowing and savings products across the UK, affecting everything from mortgage costs to interest on savings accounts. Kevin Mountford, co-founder of Raisin UK, warned of potential volatility in mortgage markets. 'This decision has wide implications for consumers. While Zoopla's House Price Index reported healthy housing sales in May, fixed rates look like they could become unsettled. Consumers looking to borrow should take advantage when they see a good option for them," he said. Read more: FTSE 100 LIVE: Stocks slip as Bank of England holds interest rates 'Any decision that has a financial impact for consumers, like buying a new home, is of course a big one and with a high cost of living showing little sign of ease, it can be easy to get stuck in the day to day. The current rates provide consumers with little reassurance but it is essential for people to take a step back and think about the bigger picture." Across the Atlantic, the US Federal Reserve opted to leave borrowing costs unchanged on Wednesday. The Fed left its outlook for interest rates this year unchanged, with its 'dot plot' indicating another two cuts. Seema Shah, of Principal Asset Management, said that decision was 'somewhat surprising'. She said: 'Any change in this year's dot plot would have been interpreted as a signal that the Fed has a clear plan about its future policy path, when actually the likely truth is that, with the economic outlook still very much shrouded in uncertainty, the Fed is unsure of how things will pan out.' However, some central banks are lowering borrowing costs. The Swiss National Bank (SNB) cut its interest rate to zero on Thursday in response to falling inflation and a stronger Swiss franc. The SNB reduced its policy rate from 0.25%, as had been expected by markets. Norway's central bank surprised markets today by announcing a quarter-point interest rate cut amid the 'uncertain' economic outlook. Norges Bank lowered borrowing costs from 4.5% to 4.25% — its first reduction in five years. Read more: Trending tickers: Alphabet, Amazon, Circle, Shell and Whitbread Bitcoin price steady above $105k as Trump mulls Iran strike Number of million-pound homes for sale in Britain doubles since 2019Sign in to access your portfolio
BBC News
6 days ago
- Sport
- BBC News
Hull KR demolish Catalans with 12-try win
Betfred Super LeagueHull KR (36) 68Tries: Davies, Batchelor 2, Sue 2, Tanginoa, Broadbent, Lewis 2, Booth, Whitbread, May Goals: Mourgue 10Catalans Dragons (0) 6Tries: Keary Goals: Aispuro-Bichet Challenge Cup hero Tom Davies helped Hull KR continue their celebrations by opening the scoring in their 12-try Super League demolition of a Catalans Dragons side that had captain Benjamin Garcia red carded in the first snatched a late winner to earn the Robins their first cup win for 45 years just six days earlier, but was quick to break the deadlock at a packed Craven Park that witnessed Catalans slump to a club-record Batchelor and Sauaso Sue added to the score before Dragons were momentarily down to 11 men, with Garcia sent off just two minutes after Franck Maria was sin-binned.A second Batchelor score and further tries Kelepi Tanginoa, Jack Broadbent and Mikey Lewis put Hull KR 36-0 up at the got a second try of his own before Luke Keary managed to end Catalans' points drought with their first try in four games, but another Lewis score and late Noah Booth, Jai Whitbread and Tyrone May tries ensured the Super League leaders mercilessly moved four points clear at the to follow. Hull KR: Mourgue; Davies, Hiku, Broadbent, Booth; Lewis, May; Sue, Litten, Hadley, Whitbread, Batchelor, Tanginoa, Brown, Doro, Aispuro-Bichet; Makinson, Laguerre, Smith, Cotric; Keary, Fages; Satae, Da Costa, Bousquet, Romano, Garcia, Pangai Jnr, Sims, Sironen, card: Garcia 27 Maria 25 Tom Grant.
Yahoo
08-06-2025
- Sport
- Yahoo
Sam Powell's classy tribute amid more cup final pain
AMID his own devastation at more Wembley heartbreak, Sam Powell was magnanimous in his assessment of Saturday's defeat for Warrington Wolves. Indeed, he was keen to pay tribute to eventual winners Hull KR as well as the efforts of his teammates after the Robins snatched the trophy away in the dying seconds. Advertisement It looked as though Powell was going to be a part of a winning Challenge Cup Final side for the very first time until Tom Davies' late try followed by Mikey Lewis' conversion allowed Rovers to win the game in dramatic fashion. That moment allowed the men from East Hull to lift the famous trophy for the first time since 1980 and having broken into the elite in recent years, Powell admitted it was time for them to be rewarded with silverware. 'It was pretty silent in there. We're all pretty gutted,' the hooker said having stopped to speak to the gathered media post-match. 'Sammy (Burgess, Wire head coach) just said he was really proud of our efforts and that we'd given ourselves the best chance. Advertisement 'It just came down to a moment there that didn't go our way but that's sport – it's cruel sometimes. 'I'll have to watch the game back but the conditions suited Sneydy's kicking game for us. He was outstanding and we got on the back of that. 'I'm absolutely gutted but full credit to Hull KR – they're a classy outfit and for their efforts throughout the last couple of years, you'd probably say they deserve that one. 'That's sport and I'm hurting right now.' Sam Powell is consoled by Ben Currie at full time (Image: Neil Ashurst/P&B Pictures) Powell himself has now been a part of three Wembley defeats having lost with The Wire last year and former club Wigan Warriors in 2017. Advertisement And while he was a key member of the Wigan squad that lifted the trophy in 2022, he missed the final through suspension. Having confirmed earlier this year that his Warrington career will extend into a third season, the 32-year-old will get at least one more crack but for now, he is looking to the immediate future. 'We'll be down for a couple of days but we'll see our families and have the rest of the weekend with them, then we'll reset,' he said. 'For us, it's about being professional now. I think we're back in on Tuesday and then it's Leeds next week.'
The Advertiser
08-06-2025
- Sport
- The Advertiser
Aussie coach steers Hull KR to Challenge Cup joy
Australian coach Willie Peters has seen his Hull KR team end 40 years of hurt in a dramatic finish to the English Challenge Cup final as they beat Warrington Wolves 8-6 at a rain-lashed Wembley Stadium. Mikey Lewis held his nerve to kick the winning conversion after Tom Davies had flopped onto Australian playmaker Tyrone May's kick to haul the Robins level against Warrington with just minutes to spare. Lewis then stepped up to boot his side into the history books, completing a win that erased the memory of their last-gasp agony against Leigh in 2023. Largely out-muscled by a Wire side orchestrated by the imperious Marc Sneyd, Rovers looked set for more Wembley agony as the underdogs entered the final three minutes with a four-point advantage. But after Tom Davies stretched to touch down following an error from Aaron Lindop, it was left to Lewis - handed kicking duties in the absence of the Cup-tied Arthur Mourgue, to nail the two-pointer that sparked raucous celebrations among the red and white hordes behind the post. "That was probably the moment when I was the most calm," insisted Sydneysider Peters, who celebrated wildly with his players - many of whom had been part of their agonising 2023 golden-point defeat to Leigh - at the final hooter less than one and a half minutes after his side had nudged back ahead. "It was a massive moment and I believed he was going to get it because of the belief he has in himself. He's not our number one kicker but I felt really comfortable and confident when he had the ball in his hands because that was his moment." Lewis' early penalty looked set to give Rover a slender halftime advantage before Josh Thewlis took advantage of a ricochet to give his side the lead. Sneyd, who added a superb two points from the touchline in the second half and won the Lance Todd Trophy for man of the match, continued to dominate after the break until May's clever kick led to the late, late drama. "It wasn't the best performance but it was gritty and that's all you need in a Cup final," added Peters. "You need to have grit and you need to enjoy discomfort, and they certainly did that." Deflated Warrington coach and former South Sydney NRL star Sam Burgess said he could not have asked any more from his side, who were on the verge of securing their first Wembley triumph since 2019. Burgess, whose side were also beaten by Wigan in last year's final, said: "You don't always get what you deserve and I don't think we deserved to lose today. "We controlled the game very well and executed the plan. Unfortunately these things can happen, we were just on the wrong side of things today." Burgess also revealed that Australian winger Matt Dufty suffered a facial fracture which will now see him miss a chunk of the Super League season. "Matt Dufty broke his cheek or eye socket with about 25 minutes to go and was trying to get to the end of the game, but it just popped out," said Burgess. "We'll be without Duft for a little while but it was outstanding to try to play through the pain. It's just unfortunate we didn't get the job done for him." Australian coach Willie Peters has seen his Hull KR team end 40 years of hurt in a dramatic finish to the English Challenge Cup final as they beat Warrington Wolves 8-6 at a rain-lashed Wembley Stadium. Mikey Lewis held his nerve to kick the winning conversion after Tom Davies had flopped onto Australian playmaker Tyrone May's kick to haul the Robins level against Warrington with just minutes to spare. Lewis then stepped up to boot his side into the history books, completing a win that erased the memory of their last-gasp agony against Leigh in 2023. Largely out-muscled by a Wire side orchestrated by the imperious Marc Sneyd, Rovers looked set for more Wembley agony as the underdogs entered the final three minutes with a four-point advantage. But after Tom Davies stretched to touch down following an error from Aaron Lindop, it was left to Lewis - handed kicking duties in the absence of the Cup-tied Arthur Mourgue, to nail the two-pointer that sparked raucous celebrations among the red and white hordes behind the post. "That was probably the moment when I was the most calm," insisted Sydneysider Peters, who celebrated wildly with his players - many of whom had been part of their agonising 2023 golden-point defeat to Leigh - at the final hooter less than one and a half minutes after his side had nudged back ahead. "It was a massive moment and I believed he was going to get it because of the belief he has in himself. He's not our number one kicker but I felt really comfortable and confident when he had the ball in his hands because that was his moment." Lewis' early penalty looked set to give Rover a slender halftime advantage before Josh Thewlis took advantage of a ricochet to give his side the lead. Sneyd, who added a superb two points from the touchline in the second half and won the Lance Todd Trophy for man of the match, continued to dominate after the break until May's clever kick led to the late, late drama. "It wasn't the best performance but it was gritty and that's all you need in a Cup final," added Peters. "You need to have grit and you need to enjoy discomfort, and they certainly did that." Deflated Warrington coach and former South Sydney NRL star Sam Burgess said he could not have asked any more from his side, who were on the verge of securing their first Wembley triumph since 2019. Burgess, whose side were also beaten by Wigan in last year's final, said: "You don't always get what you deserve and I don't think we deserved to lose today. "We controlled the game very well and executed the plan. Unfortunately these things can happen, we were just on the wrong side of things today." Burgess also revealed that Australian winger Matt Dufty suffered a facial fracture which will now see him miss a chunk of the Super League season. "Matt Dufty broke his cheek or eye socket with about 25 minutes to go and was trying to get to the end of the game, but it just popped out," said Burgess. "We'll be without Duft for a little while but it was outstanding to try to play through the pain. It's just unfortunate we didn't get the job done for him." Australian coach Willie Peters has seen his Hull KR team end 40 years of hurt in a dramatic finish to the English Challenge Cup final as they beat Warrington Wolves 8-6 at a rain-lashed Wembley Stadium. Mikey Lewis held his nerve to kick the winning conversion after Tom Davies had flopped onto Australian playmaker Tyrone May's kick to haul the Robins level against Warrington with just minutes to spare. Lewis then stepped up to boot his side into the history books, completing a win that erased the memory of their last-gasp agony against Leigh in 2023. Largely out-muscled by a Wire side orchestrated by the imperious Marc Sneyd, Rovers looked set for more Wembley agony as the underdogs entered the final three minutes with a four-point advantage. But after Tom Davies stretched to touch down following an error from Aaron Lindop, it was left to Lewis - handed kicking duties in the absence of the Cup-tied Arthur Mourgue, to nail the two-pointer that sparked raucous celebrations among the red and white hordes behind the post. "That was probably the moment when I was the most calm," insisted Sydneysider Peters, who celebrated wildly with his players - many of whom had been part of their agonising 2023 golden-point defeat to Leigh - at the final hooter less than one and a half minutes after his side had nudged back ahead. "It was a massive moment and I believed he was going to get it because of the belief he has in himself. He's not our number one kicker but I felt really comfortable and confident when he had the ball in his hands because that was his moment." Lewis' early penalty looked set to give Rover a slender halftime advantage before Josh Thewlis took advantage of a ricochet to give his side the lead. Sneyd, who added a superb two points from the touchline in the second half and won the Lance Todd Trophy for man of the match, continued to dominate after the break until May's clever kick led to the late, late drama. "It wasn't the best performance but it was gritty and that's all you need in a Cup final," added Peters. "You need to have grit and you need to enjoy discomfort, and they certainly did that." Deflated Warrington coach and former South Sydney NRL star Sam Burgess said he could not have asked any more from his side, who were on the verge of securing their first Wembley triumph since 2019. Burgess, whose side were also beaten by Wigan in last year's final, said: "You don't always get what you deserve and I don't think we deserved to lose today. "We controlled the game very well and executed the plan. Unfortunately these things can happen, we were just on the wrong side of things today." Burgess also revealed that Australian winger Matt Dufty suffered a facial fracture which will now see him miss a chunk of the Super League season. "Matt Dufty broke his cheek or eye socket with about 25 minutes to go and was trying to get to the end of the game, but it just popped out," said Burgess. "We'll be without Duft for a little while but it was outstanding to try to play through the pain. It's just unfortunate we didn't get the job done for him."
