logo
Work under way on £2m arts and community centre

Work under way on £2m arts and community centre

Yahoo31-03-2025
Construction work is under way to turn a former bank into a £2m arts and community centre.
The Old Bank, in the former Natwest building at Market Square in Millom, Cumbria, is being turned into a community space with a cafe, a maker's market and studios.
It is the second project from the Millom Town Deal, a £29.3m government-funded scheme to regenerate Millom and Haverigg.
David Savage, chairman of the Millom Town Deal board, said: "This iconic building will once again come back to life and play a significant role in boosting our local economy."
The Millom Town Deal includes three further projects - The Iron Line, Connected Millom and Haverigg and Activating Community Health, the latter having got under way at the start of the year.
The Arts and Enterprise Centre will also include "diverse spaces" to support local businesses, start-ups, and community interactions, Millom Town Deal said.
Leader of Cumberland Council Mark Fryer said it was "another important milestone" for the projects.
Fryer, who represents the Labour party, said works reflected "the start of a brighter future".
Follow BBC Cumbria on X, Facebook, Nextdoor and Instagram.
'Forgotten town's' £2m arts centre approved
Leisure facility plans reach 'important stage'
Millom Town Deal
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Key dates announced for two major Workington regeneration projects
Key dates announced for two major Workington regeneration projects

Yahoo

timea day ago

  • Yahoo

Key dates announced for two major Workington regeneration projects

Key dates have been announced for two major regeneration projects in Workington. The Town Centre Public Realm and Connectivity Project, alongside the Workington Gateway scheme, form part of a wider regeneration plan supported by more than £33 million in UK taxpayer funding. Cllr Mark Fryer, leader of Cumberland Council, said: "This is an exciting new chapter for Workington. "These projects are not just about improving roads, buildings, and public spaces, they are about creating opportunities, attracting investment, and making our town an even better place to live, work, and visit. "We are committed to working closely with the community and local businesses every step of the way to ensure these plans bring the greatest possible benefits for the area." The money will be used to fund works in the town centre, transport links, support growth in the manufacturing and renewable energy sectors, business support, and new sports facilities. The regeneration programme also includes the Innovation Centre, Port of Workington Logistics and Energy Hub, new cycleways, upgrades in Hall Park, and the proposed Cumberland Sports Village. The council says the Town Centre Public Realm and Connectivity Project, funded through the Town Deal, will receive £3 million to transform the area into a 'pedestrian-friendly' space designed to boost footfall and attract private investment. Early site access for contractor Thomas Armstrong Limited began earlier this month. Main construction is set to begin on Monday, September 1, starting with Murray Road, which will see overnight closures but remain open during the day. The Workington Gateway Project, backed by £10 million in UK taxpayer funding, aims to improve key transport routes, with major upgrades planned for Ramsay Brow and Hall Brow. The Workington Gateway Project aims to improve key transport routes (Image: Cumberland Council) The scheme is designed to reduce congestion, improve road safety and access for pedestrians and cyclists to Hall Park and Workington Hall. From Friday, September 12 at 8pm to Monday, 14 at 6am, the A66 will see a closure at Ramsay Brow for utilities diversion. This closure is set to return from Friday, September 19 at 8pm to Monday, 21 at 6am. From Monday, September 22 to the end of the project (scheduled for March 2026), Ramsay Brow junction works will see three-way lights implemented. An additional full weekend closure is planned for Friday, September 26 at 8pm to Monday, 28 at 6am. There is also a contingency closure which will go ahead 'if required' from October 3 to 6. Construction is set to pause for a festive break from Friday, December 19, 2025, until Monday, January 5, 2026. During the Ramsay Brow roadworks, Stagecoach X4/X5 services will not serve stops on Ramsay Brow, Stainburn, and Clifton during the three consecutive weekend closures. A public drop-in event will take place at Workington Market on Wednesday, August 20, from 10am to 4pm. A 'meet the contractor' event is also scheduled to be held at the Carnegie Theatre on Thursday, August 28, from 2pm to 6.30pm.

Mortgages as low as 3.73% as lenders follow Bank of England rate cut
Mortgages as low as 3.73% as lenders follow Bank of England rate cut

Yahoo

time2 days ago

  • Yahoo

Mortgages as low as 3.73% as lenders follow Bank of England rate cut

Two major lenders have pushed further into sub-4% mortgage rate territory as the Bank of England (BoE) cut interest rates. First-time buyers can get a deal as low as 3.73%, depending on the size of their deposit, with Natwest (NWG.L) improving its two-year fixed deal further The average rate for a two-year fixed mortgage stands at 4.68% this week, while five-year fixed deals average 4.83%, according to data from Uswitch. The Bank of England has cut interest rates to 4%, which is providing some relief to homeowners who should see their mortgage payments go down. The primary inflation measure, the Consumer Price Index (CPI), stood at 3.6% in the 12 months to June, well above the BoE's 2% target. According to the latest figures from Rightmove (RMV.L), the average two-year fixed rate at 80% loan-to-value (LTV) has come down from 5.21% to 4.38% over the last year. Over the same period, the average five-year fixed rate at 80% LTV has fallen from 4.91% to 4.52%. Matt Smith, Rightmove's mortgage expert said: 'As expected we now have the third Bank Rate cut of the year, with the Bank continuing along its forecast trajectory. Mortgage lenders have had a bit of room to reduce rates over the last week, owing to the ongoing developments around global tariffs. "However, we expect that lenders will use the headline of today's cut as the catalyst to reduce their rates a little further, though lender competition remains fierce and we don't expect major rate drops. Read more: 10 student homes that will appeal to savvy buyers "Lenders have been competing for business in a market which has the largest supply of homes for sale in a decade. A combination of rate cuts and changes to buyer affordability criteria are helping many home-movers to responsibly borrow more towards the home that they want. "The market expects there will be one more Bank Rate cut before the end of the year, with an outside chance of two. Any further cuts would likely see this cycle repeat again — with lenders using it as an opportunity to reduce rates a little more. It bodes well for the second half of this year, with further mortgage rate reductions and stable prices likely to encourage more activity." Nationwide (NBS.L), Britain's biggest building society, has also cut the salary requirements for first-time buyers from £35,000 to £30,000, in a move it hopes will enable 10,000 more people to become homeowners. Read more: First-time buyers on £30k salary now able to apply for mortgage Amanda Bryden, head of mortgages at Halifax, said: "Challenges remain for those looking to move up or onto the property ladder. But with mortgage rates continuing to ease and wages still rising, the picture on affordability is gradually improving. "Combined with the more flexible affordability assessments now in place, the result is a housing market that continues to show resilience, with activity levels holding up well. "We expect house prices to follow a steady path of modest gains through the rest of the year." This week, NatWest (NWG.L) and Santander (BNC.L) both cut their mortgage rates, while all other major lenders kept deals untouched as most had already adjusted to the BoE's widely expected decision to cut interest rates. HSBC mortgage deals HSBC (HSBA.L) has a 3.94% rate for a five-year deal, unchanged from last week. For those with a Premier Standard account with the lender, this rate is 3.91%. Looking at the two-year options, the lowest rate is 3.78% with a £999 fee, again, untouched 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 4.94% or 4.79% 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 mortgage deals NatWest's (NWG.L) five-year deal is 3.85% with a £1,495 fee, a drop from the previous 3.88%. Read more: UK economic growth slows between April and June The cheapest two-year fixed deal is 3.73%, a cut from the previous 3.77%. In both cases, you'll need at least a 40% deposit to qualify for the rates. Santander mortgage deals At Santander (BNC.L), a five-year fix is 3.94% for first-time buyers, lower than the previous week's 4.01%. It has a £999 fee, assuming a 40% deposit. For a two-year deal, customers can secure a 3.82% offer, with the same £999 fee, lower than last week's 3.84%. Barclays mortgage deals Barclays (BARC.L) five-year fix this week stands at 3.99%, same as before. The lowest for two-year mortgage deals used to be 3.76% or 3.75% if you had a Premier exclusive account but that offer now comes in at 3.84% (3.83% for Premier clients). However, the lender did cut some rates this week: 4.22% 2 Yr Fixed £899 product fee, 85% LTV, Min loan £5k, Max loan £2m will decrease to 4.12% 4.63% 2 Yr Fixed £0 product fee, 85% LTV, Min loan £5k, Max loan £2m will decrease to 4.43% 5.05% 2 Yr Fixed £0 product fee, 95% LTV, Min loan £25k, Max loan £570k will decrease to 4.88% 4.75% 2 Yr Fixed £1999 product fee, 85% LTV, Min loan £2m, Max loan £5m will decrease to 4.39% 4.29% 5 Yr Fixed £899 product fee, 85% LTV, Min loan £5k, Max loan £2m will decrease to 4.12% 4.37% 5 Yr Fixed £0 product fee, 85% LTV, Min loan £5k, Max loan £2m will decrease to 4.23% 4.99% 5 Yr Fixed £0 product fee, 95% LTV, Min loan £25k, Max loan £570k will decrease to 4.80% 4.60% 5 Yr Fixed £1999 product fee, 85% LTV, Min loan £2m, Max loan £5m will decrease to 4.20% 4.12% Green Home 2 Yr Fixed £899 product fee, 85% LTV, Min loan £5k, Max loan £2m will decrease to 4.02% 4.19% Green Home 5 Yr Fixed £899 product fee, 85% LTV, Min loan £5k, Max loan £2m will decrease to 4.02% Barclays recently 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 mortgage deals Nationwide's (NBS.L) lowest mortgage rate for first-time buyers is 4.14% for a five-year fix. First-time buyers are looking at 3.94% for a two-year fix, unchanged from before. Both deals require a 40% deposit and come with a £1,499 fee. However, mortgage customers who are on Nationwide's Standard Mortgage Rate (SMR) will see a decrease of 0.25%. The new SMR of 6.74% will come into effect on 1 September 2025. Rates on tracker mortgages held by existing Nationwide customers automatically decrease when Bank Rate is cut, so these will decrease to reflect the Bank Rate change from 1 September 2025. Carlo Pileggi, Nationwide's senior manager of mortgages, said: 'As the country's second largest lender, we always strive to support all parts of the market with competitive rates. This latest round of cuts across our range move even more of our rates below 4% and should put Nationwide front of mind of first-time buyers, those moving on to their next home and those looking for a new mortgage deal.' Eligible first-time buyers can apply for a mortgage with a £30,000 salary, down from £35,000, and joint applicants with a £50,000 combined salary, down from £55,000. This is expected to support an additional 10,000 first-time buyers each year. Nationwide, which lent to more first-time buyers in 2024 than any other lender, has confirmed it has applied to the Prudential Regulation Authority to increase its high loan-to-income lending capacity. The vast majority of Nationwide's high LTI lending is done through its Helping Hand, which allows eligible first-time buyers to borrow up to six times income. This enables borrowing of up to 33% more than standard lending. Helping Hand has helped around 60,000 first-time buyers since launching in 2021. Read more: How you can still make money from flipping property The lender has also adjusted 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 mortgage deals Halifax, the UK's biggest mortgage lender, offers a five-year rate of 3.94% (also 60% LTV), same as before. The lender, owned by Lloyds (LLOY.L), offers a two-year fixed rate deal at 3.79%, with a £999 fee for first-time buyers, again unchanged. It also offers a 10-year deal with a mortgage rate of 4.78%. 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." Cheapest mortgage deal on the market NatWest has some of the lowest rates on the market, with a two-year fix coming in at 3.73%. The same lender also takes the crown for a five-year fix with its 3.85% deal. However both require a hefty 40% deposit. The average UK house price was £298,237 in July, according to the latest figures from Halifax, 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: Rents set to rise as UK rental listings fall sharply, survey finds 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: How school fees can affect your mortgage borrowing The pros and cons of getting a mortgage into your 70s Pros and cons of lifetime ISAs

Council pulls cash from arms firms supplying Israel
Council pulls cash from arms firms supplying Israel

Yahoo

time10-08-2025

  • Yahoo

Council pulls cash from arms firms supplying Israel

A council has begun the process of withdrawing its investments from companies which supply arms to Israel. Cumberland Council's leader Mark Fryer, Labour, said the decision had been made following the "disproportionate aggression" by the current Israeli government against the people of Gaza. He has written to the council's chief executive, Andrew Seekings, to request the changes to the local authority's investments and for similar changes to be made to its pension scheme. But local Conservative leader Mike Johnson accused Fryer of "trying to be foreign secretary" and said he should focus on council issues such as "the harsh financial pressures it is currently facing". "Companies that the council would be boycotting would include, for example, BAE, JCB, Google and Airbnb," Johnson said. "And every single penny of lost investment income from these companies into the pension fund will have to be made up by council taxpayers." Fryer's request to divest from the Israel-linked companies follows on from a letter he sent to Prime Minister Sir Keir Starmer last month, in which he called for the government to take "any action necessary to secure an immediate lifting of aid restrictions" in Gaza and for a ceasefire to be encouraged. The local Liberal Democrat and Green Party members supported the council's divestment plans, according to the Local Democracy Reporting Service. Councillor Roger Dobson, Lib Dems, said his party fully supported "applying all legitimate pressure on the Netanyahu government to enable the delivery of vital humanitarian aid and to agree to an immediate ceasefire". The Prime Minister has said the UK will recognise a Palestinian state in September unless Israel agrees to meet certain conditions, which include addressing the humanitarian crisis, implementing a ceasefire and reviving the prospect of a two-state solution. But Starmer insisted the move did not mean he supported Hamas and said the "terrorist organisation" could play "no part in any future government". Follow BBC Cumbria on X, Facebook, Nextdoor and Instagram. More on this story Council vows finance problems 'will be addressed' Council's finances had 'significant weaknesses' Related internet links Cumberland Council

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store