Connect with us

News

Nationwide Offers Sub-4% Mortgage Rate Amid Growing Competition

Published

on

Nationwide Offers Sub-4% Mortgage Rate Amid Growing Competition

Nationwide Building Society, the UK’s largest building society, is now offering a mortgage with an interest rate below 4% as lenders intensify competition ahead of the Bank of England’s upcoming rate decision. Starting Wednesday, Nationwide will reduce its five-year fixed mortgage rate for new homebuyers with a 40% deposit to 3.99%.

This move by Nationwide marks the first time since February that they have offered rates below 4%. Other lenders are also lowering their rates, anticipating a potential central bank rate cut in August. Mortgage analyst Kylie-Ann Gatecliffe suggests this could signal the beginning of a “rate war” among major banks.

Sarah Tucker, founder of The Mortgage Mum, expressed optimism, stating, “Although this is only available for purchases right now, we hope that the re-mortgage market will follow.” The high borrowing costs, driven by the central bank’s rate currently at a 16-year high of 5.25%, have been challenging for homeowners.

Advertisement

There is hope among some analysts that the Bank of England will cut rates at its next meeting on 1 August, given the current trend of falling inflation. Central banks typically adjust borrowing costs based on inflation rates and economic conditions.

With around 1.6 million borrowers needing to re-mortgage as their current fixed-rate deals expire, many are facing significantly higher repayments compared to their previous rates, which were often below 2%. Tucker highlighted Nationwide’s new rate as a “hugely positive sign for the mortgage market” during these turbulent times, marked by high living costs and borrowing rates.

The average five-year fixed homeowner mortgage rate has decreased to 5.40% from 5.47%, and the average two-year fixed homeowner mortgage rate is now 5.81%, down from 5.88% on Monday, according to data from Moneyfacts.

Advertisement

Finance expert Rachel Springall from Moneyfactscompare.co.uk commented, “Mortgage rates could fall further, but it is difficult to tell how quickly and by what margins.” She added that while some are hopeful for an August rate cut by the Bank of England, opinions among economists are mixed, with some predicting a potential cut not until September due to persistent service inflation.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Australian Nurses Suspended Over Antisemitic Video Amid National Crackdown on Hate Speech

Published

on

Australian Nurses Suspended Over Antisemitic Video Amid National Crackdown on Hate Speech

Two Australian nurses have been suspended after a video surfaced showing them making violent antisemitic remarks, including threats to harm Israeli patients. The incident, which allegedly took place at a hospital in Sydney, has sparked outrage and is now under police investigation.

New South Wales (NSW) Health Minister Ryan Park confirmed that the two individuals had been stood down immediately and would never work in the state’s healthcare system again. Authorities are conducting a thorough review of hospital records to ensure no patients were harmed, though a rapid preliminary check found nothing unusual.

Australian Prime Minister Anthony Albanese condemned the video as “sickening and shameful,” emphasizing that antisemitism has no place in Australia. His comments come just days after the country passed stricter hate crime laws in response to a surge in antisemitic incidents.

Advertisement

The video, shared online by Israeli content creator Max Veifer, appears to have been recorded in a hospital setting. In the footage, a man claiming to be a doctor tells Veifer he has “beautiful eyes” but adds, “I’m sorry you’re Israeli,” before making a throat-slitting gesture and stating he sends Israelis to “Jahannam” (an Islamic concept of hell). A woman later appears on screen, saying she refuses to treat Israelis and will “kill them” instead.

Despite the video being edited with emojis and censoring certain comments, authorities have not questioned its authenticity. NSW Police stated they have identified the individuals involved and are investigating whether criminal charges should be pursued.

Albanese vowed that anyone found guilty of committing hate crimes will “face the full force of our laws.” Park echoed this sentiment, apologizing to the Jewish community and reassuring them that NSW hospitals remain committed to providing “first-class” healthcare to all patients, regardless of background.

Advertisement
Continue Reading

News

Coca-Cola May Increase Plastic Bottle Use Due to Trump’s Aluminium Tariffs

Published

on

Coca-Cola May Increase Plastic Bottle Use Due to Trump’s Aluminium Tariffs

Coca-Cola has warned that it may have to increase the use of plastic bottles in the U.S. if President Donald Trump’s new tariffs make aluminium cans too expensive. The announcement was made by Coca-Cola CEO James Quincey during a call with investors.

Trump’s recent order imposes a 25% import tax on all steel and aluminium entering the U.S., a move expected to raise costs for canned food and beverage manufacturers. Quincey acknowledged that Coca-Cola could shift more emphasis to PET plastic bottles to manage affordability.

“If aluminium cans become more expensive, we can put more emphasis on PET bottles,” he said, while noting that packaging costs are only a small fraction of the company’s overall expenses.

Advertisement

This shift comes shortly after Coca-Cola scaled back its sustainability goal of using 50% recycled materials in its packaging by 2030, adjusting the target to 35-40% by 2035. The beverage giant has been under pressure from environmental groups, which have labeled it the world’s “top global plastic polluter” for six years in a row.

Aluminium cans, despite being pricier, are far more recyclable than plastic bottles. The U.S. imports nearly half of its aluminium, according to the United States Geological Survey, making the tariffs a significant factor in production costs. Unlike in 2018, when some can-makers received exemptions from similar tariffs, Trump has now ruled out any exceptions for products or countries.

In a separate move, Trump also signed an executive order rolling back efforts to replace plastic straws with paper alternatives in government facilities—undoing a policy introduced by former President Joe Biden, who had called plastic pollution a “crisis.”

Advertisement
Continue Reading

News

U.S. Justice Department Orders Prosecutors to Drop Corruption Case Against NYC Mayor

Published

on

U.S. Justice Department Orders Prosecutors to Drop Corruption Case Against NYC Mayor

The U.S. Justice Department has directed federal prosecutors to drop the corruption case against New York City Mayor Eric Adams, citing concerns that the indictment was hindering his ability to address illegal immigration and crime.

The directive came from Acting Deputy Attorney General Emil Bove, a former defense attorney for President Donald Trump, who stated in a memo that no further investigative steps should be taken until after the 2025 mayoral election. The memo also instructed prosecutors to work toward restoring Adams’ security clearance.

Adams, a Democrat, has recently forged a closer relationship with Trump and ordered city law enforcement to cooperate with federal immigration raids—a move that critics argue undermines New York’s sanctuary city policies. However, he denies having discussed his case with Trump.

Advertisement

Adams was indicted in September on five charges related to accepting over $100,000 in illegal gifts and campaign contributions from Turkish officials in exchange for political favors, including allegedly assisting with safety regulation exemptions for a Turkish consulate in New York. He has pleaded not guilty.

Despite the Justice Department’s order, prosecutors have not yet confirmed whether they will comply. Any decision to drop the case must be formally submitted to the court and approved by a judge.

The move has sparked concerns about political influence in the justice system. While Bove’s memo states that the decision does not assess the strength of the evidence against Adams, it acknowledges that his past criticism of immigration policies under the Biden administration “cannot be ignored.”

Advertisement

Adams, who attended Trump’s presidential inauguration and recently met with him in Florida, has faced backlash from Democratic leaders for aligning with the Republican president. Meanwhile, Trump has previously claimed that both he and Adams were “persecuted” for opposing Biden’s immigration policies.

The Justice Department’s decision to delay potential future prosecution until after the next mayoral election raises questions about the case’s trajectory and whether it may be revisited under a new administration.

Advertisement
Continue Reading

Trending