Mortgage price war erupts ahead of summer holidays
Nationwide, Halifax and Barclays are amongst the banks 'battling it out' by offering new and competitive rates to lure in buyers.
The Bank of England is expected to cut the base rate in August, with markets pricing in a near-90pc likelihood.
Traders have already priced in a cut in September, raising hopes of two further cuts this autumn.
Halifax has launched a 3.84pc two-year fix, and Barclays is offering a 3.02pc five-year fix. But Nationwide has 'acted quickly to lower rates and undercut Halifax', Aaron Strutt, of brokerage Trinity Financial, said.
Mr Strutt said: 'Nationwide is the latest big lender to lower its rates and undercut its competitors. Its new rates are cheap enough to top the best buy tables, especially if you have a large deposit.
'Five of the big six biggest lenders have lowered their rates, and no doubt other lenders will follow their lead. If you are offered a sub-4pc rate at the moment, you are doing pretty well.
'With £147bn worth of mortgages coming up for renewal between now and December, this latest round of rate cuts comes as welcome news for homeowners.'
In May, the Bank voted to reduce its headline rate by 0.25 percentage points to 4.25pc, the fourth cut in a year.
Swap rates – the main pricing mechanism for fixed-rate mortgages – have been declining steadily due to a lack of economic growth.
Nicholas Mendes, of mortgage broker, John Charcol, said the week has 'kicked off with a flurry of rate reductions amongst lenders as they battle it out ahead of the summer holidays'.
He added: 'The key message for borrowers right now is not to try and second guess the market. Most lenders will allow you to secure a rate up to six months in advance, meaning you can lock something in today as a safety net but still switch to a better deal if rates improve before completion.'
The average two-year fixed rate was 5.07pc on Wednesday, according to analyst Moneyfacts. The average 5-year rate stood at 5.06pc.
There are 6,857 residential mortgage products available.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
32 minutes ago
- The Independent
Best power tool deals to shop in the Amazon Prime Day sale 2025
Deal hunters, Amazon Prime Day 2025 is officially here. The annual shopping event officially kicked off today and runs until Friday, 11 July. There are deals on everything from coffee machines and mattresses to TVs and laptops, but the hidden gems are the discounts on power tools. Whether you need tools for work or want to tackle your next home or garden project, the Prime Day sale has savings on some of our favourite tested power tools from brands like Ryobi, Bosch and Kärcher. Case in point: Worx's cordless grass trimmer (was £129.99, now £89.99, comes IndyBest approved and has been reduced by 30 per cent. But there are also discounts on everything from pressure washers to power drills, sanders and saws. To help you separate the weed from the chaff, our team of expert deal-hunters have rounded up the very best power tool deals to shop during the Amazon Prime Day 2025 sale. If you're after a tool to tidy up overgrown greenery in your garden or outdoor space, we'd recommend taking a look at this deal on Worx's cordless grass trimmer, as we featured a similar one in our round-up of the best grass trimmers. In that review, our tester noted its ability to deal with heavy grass and weeds, and define lawn edges. Now, this particular model has been reduced by 38 per cent for Prime Day. The gadget features a cutting head that can pivot more than 90 degrees for ease of use beneath outdoor furniture. Plus, it can be adjusted to suit the height of the user. This lawnmower from Bosch is reduced by more than 20 per cent for Prime Day. Touted as energy efficient, powerful and lightweight, it has foldable handles that will make it easy to store when not in use. And, we already rate a very similar model from the brand's rotak range as a great budget option – our reviewer noted its 'ergonomic handle' and lightweight design that was 'very easy to push around' – so it's safe to say this is a deal to snag. You can save a generous 34 per cent on Worx's cordless multi-tool this Prime Day. Designed to take on a wide range of DIY tasks, from cutting and sanding to polishing and sawing, it's certainly versatile. It has a textured grip which should make it easier to control, and features speed control so as to suit the job at hand. Now better than half price, Black+Decker's electric hammer drill is a steal this Prime Day. With a spindle lock for speedy accessory changes, it's designed for use on masonry and concrete, and is lightweight and compact. The variable speed motor means you'll be able to adjust it to the material you're working with, too. Arguably, no DIY kit is complete without a drill set, and there's a small but worthwhile saving to be snapped up on this 40-piece assortment. Sure to have you covered no matter the job in-hand, the modular system means bits can be swapped in and out without hassle. Plus, all of the bits are made from modified steel, touted as highly robust and able to use on a variety of materials, from hardwood to metal. You can save 20 per cent on this wet and dry vacuum cleaner during the Prime Day event. While we haven't tested this exact model, Kärcher is an IndyBest-approved brand that's landed a spot in more than one of our round-ups before (for instance, twice in our review of the best pressure washers), so you know it can be trusted. This multi-approach vacuum cleaner sounds like it means business, too – it boasts powerful suction power and a blow function to blast dirt off of surfaces, helping to make light work of your next clean up job. This Bosch pressure washer has been reduced by a modest 15 per cent this Prime Day. While we haven't tested this exact model, a similar gadget from the same Aquatak range was chosen as the best budget buy in our round-up of the best pressure washers, where it was praised for being portable and 'one of the quietest pressure washers' on test. Now, this similar 120 model is even cheaper and we'd expect it to perform well, with the jet washer providing 350l of water an hour at 100 bar pressure. Plus, you can use it with a range of accessories. Forget spending ages snipping away at your greenery with a pair of garden shears, as you can upgrade to this discounted electric hedge trimmer, which is sliced by 25 per cent this Prime Day. It has a cutting width of 45cm and a 19mm blade gap, while it runs on a 450W motor. There are also safety features built-in for your peace of mind, which include a debris guard and a dual trigger start. If you're in the market for a cordless drill for small internal tasks, then this is the one for the job. 'This drill performed well for all kinds of drilling applications but came into its own for overhead jobs, tight corners, and inside cupboards and drawers, with the LED making sure we had a well-lit working environment', said our tester, Jon Axworthy in our review of the best cordless drills. Boasting 'impressive power', it also proved great for assembling flat packs. While this isn't the lowest price we've seen, the drill has been reduced by just over 25 per cent. Our favourite budget robot lawn mower is now even cheaper at Amazon, with more than 25 per cent off. Our reviewer, Jon, said it 'goes about its cutting job with tireless efficiency, mulching well and leaving a nice uniform cut behind it without any patching or scalping'. Robot mowers can be a pricey garden purchase, so this is a chance to make a big saving. Whether you're looking to smarten up your garden patio or strip the mud from your favourite mountain bike, a pressure washer is the best way to remove all that grime. Kärcher is a firm favourite of our testers, with several models featuring in our best pressure washers review. This K2 edition is ideal for bikes, garden tools, patios and garden furniture. It comes with access to the Karcher home and garden app, giving you a whole host of tips, tricks and instructions so that you can get the most out of your purchase. Now reduced to £93.99, it's the lowest price of the past year. Amazon Prime Day kicked off on 7 July and will run until Friday, 11 July.
The Independent
39 minutes ago
- The Independent
Best household essential deals in the Amazon Prime Day 2025 sale
Four days of savings on hundreds of household essentials means one thing: Amazon Prime Day 2025 is underway. Whether you're looking for laundry detergent, bathroom must-haves or cleaning supplies, the online giant has slashed the price of your weekly staples in its summer sale. As The Independent 's consumer editor, I'll be bringing you the best offers on the practical buys that you always need at home – think toilet roll, dishwasher tablets and pet food, which always seem to run out when you need them. To make sure that you're getting a genuinely good deal, I have even compared Amazon's Prime Day prices with supermarkets, so I can tell you if you're making a saving compared to picking up the items on your weekly shop. Having covered the shopping event since its launch, I can easily spot a good deal from a dud (and have even rounded up my top tips for shopping the summer sale). Keep reading for our expert picks of the best deals on household essentials. Prime Day is the perfect time to stock up on extra toilet paper. This deal on a pack of 24 toilet rolls will save you 16 per cent on the everyday essential. Andrex is a household name and needs little introduction, of course, but it's worth noting that its paper has been dermatologically tested and approved by the British Skin Foundation. Keeping your washing machine clean can help prolong its life, which is cost-effective in the long run, but it's also better for your laundry. A cleaner washing machine means cleaner clothes, after all. This pack of Calgon's washing machine cleaner and limescale remover is currently reduced by more than 40 per cent in the Prime Day sale. It's formulated to protect your machine against limescale build-up and detergent residue, and it should help to keep odours at bay, too. Buying everyday essentials, such as laundry detergent, in bulk can often help you save. This two-pack of Fairy non bio pods beats supermarket prices at the moment, so if you're nearing the end of your detergent, now is a good time to stock up. The liquid gel formula was named best laundry detergent for sensitive skin, with our reviewer, Zoe, praising its cleaning power. 'From everyday wear to tougher stains such as food spills and mud on kids' clothes, it left everything looking fresh and spotless,' she said. Clean up this whopping 70 per cent saving on Finish's dishwasher tablets, which has brought the pack down from a sizeable £40 to just £12. The brand claims the tablets can deal with 48-hour dried-on stains, so you don't need to waste water and time pre-rinsing your dishes. Glassware and silverware should come out looking sparkling clean too, thanks to the glass protect formula, while the fast-dissolving tablets mean they'll still be able to do their job on short and eco cycles. Every little saving can add up and make a real difference when it comes to household essentials, so it's worth adding these washing capsules to your Prime Day basket if you're running low. And if someone in your household has sensitive skin, these are ideal, as they're dermatologically tested and gentle next to sensitive skin. Persil says the tablets are its fastest-dissolving laundry detergent capsules. And, you can use them on a cold or fast wash without having to worry about residues. Each of pack in this six-pack of Dettol antibacterial cleaning wipes contains 126 wipes, so they should keep you going for a long time. Wipes are a quick and easy way to keep your home clean, and you can rest assured these ones don't contain any bleach. They can also be used on a multitude of surfaces, from the kitchen to baby equipment and even the floor. Olive oil has become very expensive, so we're excited to spot an offer on this bottle of Filippo Berio olive oil ahead of Prime Day. This is the lowest this size has ever dropped to, with plenty of olive oil for all your salad dressings, pasta dishes and barbecues this summer. If you love the taste of it, you can get it regularly delivered with Amazon's 'subscribe and save' option, too. Vanish is known for its stain-removing power, and when IndyBest tester reviewed its oxi action whitener, they were impressed with its ability to lift collar grime and food stains. This version doesn't include a whitener, but is perfect for shifting stains from darks and coloured clothing. With 55 per cent off, you won't find a cheaper deal on the 1.4kg pack elsewhere – even at the supermarket. The stain remover is also part of Amazon's 'You Buy. We Donate'campaign. For every two purchases of selected everyday essentials, Amazon will donate a third item to the Multibank charity, who distribute hygiene and household essentials to families in need across the UK. These baby wipes are made of 99.9 per cent water and a drop of fruit extract, so there'll be no mysterious chemicals on your baby's sensitive skin. We all know going through a pack of wipes a day becomes the norm with little ones around, but you can stock up on more than 700 wipes now for less than £25 from Amazon. Get 17 per cent off this XL pack of Dylon's black & dark detergent, which not only helps to stop your dark clothing from fading quite as quickly, but also revitalises existing items in just a few washes. The colour and sport detergents are also discounted at the moment too, if you find that you wash these more often. Now is the perfect time to stock up on batteries with lots of savings to be had, depending on the size that you need. There's currently 26 per cent off Duracell's bestselling Optimum AAA batteries, so you won't need to worry about running out anytime soon with this pack. You can currently get 30 per cent off this jumbo pack of laundry pods, designed to tackle set-in stains. If you've had enough last-minute supermarket runs to stock up on laundry supplies, you can set up a regular delivery of the pods through Amazon's subscribe and save service. This gives you a discount when you register, but remember to check every so often if you can get a better deal by switching brands. When is Amazon Prime Day 2025? The next Prime Day sale is underway. It kicked off on Tuesday, 8 July and will run until Friday (11 July). This is the first time Amazon has run a four-day sale, so there'll be plenty of time to shop deals on household essentials. What is Amazon Prime Day? Prime Day is Amazon's exclusive sale for its Prime members. It usually runs twice a year, once in the summer and again in the autumn before Black Friday sales begin. You can expect to find deals on beauty, laptops, kitchen appliances and everyday household essentials. Prime Day discounts are only available to Prime members. A membership typically costs £8.99 per month or £95 for the year, and if you're 18 to 22 years old, you can claim a 50 per cent discount. If you're yet to sign up for Prime, you can register for a 30-day free trial just before the sale starts. This gives you full access to all the Prime Day offers, and you can cancel for free before the membership fee kicks in.
Rhyl Journal
39 minutes ago
- Rhyl Journal
King to highlight vital bond with France over threats that ‘know no borders'
Charles and the Queen are set to welcome the French leader and his wife Brigitte to Windsor Castle on Tuesday as Mr Macron begins his three-day state visit to the UK. At a glittering banquet in the historic Berkshire landmark in the evening, the monarch will deliver a speech, highlighting how 'these challenges know no borders: no fortress can protect us against them this time'. But he will tell Mr Macron that Britain and France can help lead the way in confronting threats relating to defence, technology and climate change, saying: 'Our two nations share not only values, but also the tireless determination to act on them in the world.' Charles and Camilla are hosting Mr Macron and the first lady at the historic royal residence. They will be feted with a carriage ride through the town, a ceremonial welcome and the opulent state dinner. The King, in his toast, will reflect on 1,000 years of 'shared history and culture between our two peoples', including many of the royal family's personal connections to France. 'For centuries our citizens have admired each other, amused each other, and imitated each other', he will say, and reveal how he remains 'in awe of France's extraordinary attributes and achievements'. Charles will also hail the Anglo-French partnership as vital amid the many challenges of today, saying: 'Our two countries face a multitude of complex threats, emanating from multiple directions. 'As friends and as allies, we face them together.' It marks the first state visit to the UK by an EU head of state since Brexit, and will see Mr Macron address parliamentarians in the Palace of Westminster's Royal Gallery and, on Thursday, join a UK-France Summit at Downing Street. Prime Minister Sir Keir Starmer has signalled a 'reset' in relations between the UK and Europe as he looks to heal the wounds caused by the Brexit years. Defence, growth, security, migration and French tactics on tackling small boats will be discussed, with the two leaders expected to dial in to speak to other allied nations who are looking to support any future peace deal in Ukraine. Downing Street said on Monday that the UK's relationship with France was 'key' to dealing with boat crossings, following reports French police officers had used knives to puncture a boat off the coast. The Prince and Princess of Wales will also play a role by meeting the president and the French first lady at RAF Northolt on Tuesday morning on behalf of the King and travelling with them to Windsor. Charles and Camilla will formerly greet their guests on a Royal Dais constructed on Datchet Road in Windsor town centre, with the castle in the backdrop as gun salutes sound in nearby Home Park. The King, the Queen, the Waleses and Mr and Mrs Macron will then take a carriage procession through Windsor and along part of the Long Walk which leads to the castle, just as former French president Nicolas Sarkozy did in 2008. Mr Macron's state visit to the UK, from July 8-10, is the first to be hosted at Windsor Castle, rather than Buckingham Palace, in a more than a decade since that of the Irish president Michael D Higgins in 2014. State visits, which capitalise on the royals' soft power to strengthen diplomatic ties overseas, will be hosted at Windsor for the next few years while reservicing work continues at the London Palace and starts to affect the state rooms. The last state visit to the UK from France was in March 2008 when the now-disgraced Mr Sarkozy, since convicted of corruption and influence peddling, and his wife Carla Bruni, were the guests of Elizabeth II at Windsor. The arrangements are likely to form the template for US President Donald Trump's high-profile state visit in September, but much will depend on security considerations for the US leader, who survived an assassination attempt last year. A ceremonial welcome will be staged in the castle's quadrangle with Camilla, William, Kate and Mrs Macron watching as the King and Mr Macron inspect the Guard of Honour. Lunch will be hosted in the State Dining Room, after which the president and his wife, the King and Queen and members of the royal family will view a special exhibition of items relating to France from the Royal Collection in the Green Drawing and Mrs Macron will also travel to London on Tuesday afternoon to see the Grave of the Unknown Warrior at Westminster Abbey and visit the Palace of Westminster where the French leader will address parliamentarians before meeting opposition leaders at Lancaster House. The King and president will both deliver speeches at the banquet in the medieval St George's Hall, where some 160 guests will be seated at the elaborately decorated 50 metre table, which will run the full length of the vast room. Kensington Palace has yet to confirm whether Kate will attend the banquet. The princess opened up about her 'rollercoaster' cancer recovery, its life-changing impact and putting on a 'brave face' last week. The King and Queen paid a state visit to France in September 2023 and enjoy a warm rapport with Mr and Mrs Macron, who will stay in the castle during their trip. Mrs Macron, 72, sparked a storm in May when she was seen pushing her husband's face away with both hands before they disembarked a plane in Vietnam. The 47-year-old president dismissed the gesture – caught on camera – as horseplay, but it caused a stir in France, with daily Le Parisien newspaper asking: 'Slap or 'squabble'?' The couple, married since 2007, met at the high school where Mr Macron was a student and Brigitte was a married teacher. The visit comes a year after the UK and France celebrated 120 years since the signing of the Entente Cordiale. The Anglo-French agreements in 1904 ushered in improved relations between the two countries which had fought against each other during the Napoleonic Wars.
