Halifax goes rogue with new mortgage term

Deadline for pensioners to get annual winter fuel payment

State pensioners in the UK have less than a month to sign up for a key benefit giving them access to the £200 or £300 winter fuel payment.

Around 1.3 million people on pension credit will start receiving the winter payment from this week, the government has announced.

But it's thought as many as 880,000 eligible people of state pension age are missing out on the benefit.

The deadline to sign up to pension credit is 21 December, the Department for Work and Pensions has said. Eligible claimants will get the £200 or £300 winter payment as well as backdated pension credit arrears where applicable, it added.

According to the DWP, the credit is worth up to £3,900 a year on average.

Labour sparked anger when it announced shortly after the election that it would scrap the universal winter fuel payment, making it available only to those on certain benefits.

How much EuroMillions winner could make in interest in single day

As we reported earlier, a lucky person in the UK has scooped £177m in the latest EuroMillions draw - making them the third-largest National Lottery winner in history. 

While the chance to buy an island, a few houses and a trip around the world might be tempting, if the lucky winner places their cash in a bank account they could earn more than £25,000 a day just in interest. 

That's more than the average university graduate makes in a year. 

One of the best interest rates on the high street in the UK at the moment is 5.23%, which would see the winner earn an impressive £9.26m annually just by placing their money into a high-interest savings account, research from Stocklytics has revealed.

That breaks down to approximately:

£771,425 per month

£25,361.25 per day

Government to fast-track consultation on loosening electric vehicle targets for carmakers

As we suggested might be the case this morning, the government has confirmed it will hold a fast-track consultation on loosening the targets imposed on carmakers for electric vehicle sales.

The rule for 2024 requires manufacturers to ensure at least 22% of new cars sold are zero emission, rising to 80% by 2030 and 100% by 2035.

Carmakers face a fine of £15,000 for each non zero-emission vehicle sold that exceeds the annual percentage target.

Manufacturers can make up for missing the target in subsequent years, and can also buy credits from competitors such as Tesla.

Jonathan Reynolds, the business secretary, confirmed the consultation in the Commons this afternoon - a day after Vauxhall partly blamed the targets for closing its Luton plant.

He said the government was "listening closely to concerns of the automotive industry and the wider sector about transition to electric vehicles and the Conservative Party's zero emission vehicle mandate".

1974 v 2004 - who has it harder for buying a house?

Average salaries are more than £13,000 short of keeping pace with house price growth over the past 50 years, according to analysis.

House prices have soared since 1974 when the average property cost £10,027, according to research from broker Mojo Mortgages, shared with This Is Money.

The latest Nationwide housing index puts the average price of a home now at £265,738 - a rise of more than 2,500%.

But average salaries have risen less - by around 1,800% over the same period, according to Mojo's analysis of Office for National Statistics Data.

According to its research, today's salaries are some £13,700 short of keeping pace with house prices.

The data also reveals that the average deposit required for a home in 1974 was £537 - while today it is a whopping £58,303, or a rise of more than 10,000%.

John Fraser-Tucker, head of mortgages at Mojo Mortgages, told This is Money: "Our analysis has made it clear that today's first-time buyers are navigating a much tougher landscape than those who entered the market in 1974."

More incredible cheap food recommendations in Scotland

Each Wednesday we ask top chefs around the UK to pick their favourite budget eats where they are and at home. We're focusing on Scotland this week with two brilliant chefs, the second of which is Tom Tsappis, chef-owner of Michelin-recommended Killiecrankie House in Perthshire.

Where are your go-to cheap eats for two, for less than £40, in Scotland?

Redwood Wines, Dunkeld - A family-run wine bar in Dunkeld serving exactly the kind of food you want to eat with a glass of wine. The roast beef sandwich is beyond decadent and enough for two, with a range of salads and charcuterie to round out a perfect lunch.

House of Bruar Fish and Chips, Pitagowan - The smell of dripping travels for miles around. Reasonably priced, despite its location, and the queues outside testify to its quality.

The Manchurian, Dundee - Above the Chinese supermarket in Dundee. Go on a Sunday or Monday lunchtime for a wide selection of authentic dim sum. King prawn cheung fun, mixed meat croquettes, lotus leaf sticky rice, custard buns and a pot of jasmine tea are a great way to see out the week.

What's your go-to cheap meal at home?

Pop a piece of inch-thick bacon or pork belly in the rice cooker with your rice. When the rice is done, chop the meat up and add it back to the rice along with some frozen peas, scrambled egg and chopped spring onion. 

A dash of sesame oil, salt and a couple of minutes' wait to defrost the peas and you have a low effort, "healthy fried rice". 

Works with pretty much any leftovers, keeps warm indefinitely in the rice cooker and can be flavoured in any way you like. Perfect for a lazy Sunday.

How did you get into cheffing?

First and foremost, I like to eat. Learning to cook came from a desire to eat better. After living in Japan for a while I returned from Asia, retrained in London, ran a successful fine-dining pop-up for a few years and then opened my first venture, Killiecrankie House, with my wife Matilda in 2021.

We've spoken to lots of top chefs - check out their Cheap Eats from around the country...

Two-year? Five-year? Halifax goes rogue with new mortgage term

Halifax has announced the launch of a new 1.5-year fixed-rate remortgage product that has been described as an "intriguing innovation". 

The deal will be available from tomorrow but only to eligible customers who use their own conveyancer. It also comes with £250 cashback. 

Brokers seem to have welcomed the deal.

"By skipping free legals, Halifax appears to be weeding out speculative applications, but the cashback offer softens the blow for genuine borrowers," Iain Swatton, the director of Exemplar Financial Services, told Newspage. 

"It's a calculated move that offers flexibility and shows Halifax is tuned into market sentiment. The question now is whether borrowers are ready to buy into this short-term strategy."

This view was echoed by Ranald Mitchell from Charwin Mortgages, who said the market was calling for innovation and flexibility. 

"Halifax has just raised the bar. The launch of their 18-month fixed-rate mortgage offers a lifeline to those navigating today's uncertainty, providing the chance to lock in for a shorter period and reassess their options sooner," he added. 

"That said, competitive pricing will be key to its success, especially when up against the popular two-year fixes already dominating the market." 

Jack Tutton, director at SJ Mortgages, added: "This is an intriguing innovation from Halifax and it will be interesting to see how well it is received." 

However, Craig Fish, director at Lodestone Mortgages and Protection, said the deal "poses more questions than answers". 

"What on earth are they expecting to happen mid-2026, to be offering a 1.5-year fixed rate? Maybe they know something that we don't," he said. 

Sales of Christmas gifts for pets jump by more than 900%

Sales of Christmas-themed pet treats, food and toys have skyrocketed this year, with Waitrose seeing a 964% annual rise in the number of products purchased. 

Seasonal dog, cat and bird food is among the most popular items, along with reindeer bobble balls, festive stockings and animal-friendly mince pies. 

Visits to the Waitrose online mince pies for dogs page have risen by 351% in the last 30 days, the company claims.

It may be that, in writing this post, we have fallen for a good piece of marketing - but it does at least allow us to use a picture of these two...

-SKY NEWS