Money blog: Halifax goes rogue with new mortgage term (2024)

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

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".

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."

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 isTom Tsappis, chef-owner of Michelin-recommended Killiecrankie House in Perthshire.

Where are your go-to cheap eatsfor 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...

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-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...

ByOllie Cooper, live news reporter

Welcome to the latest part of my series on fitness supplements - where I aim to discover whether they are helping you get ripped, or you're getting ripped off.

I've enlisted the help of performance nutritionistAndrew PettsandArj Thiruchelvam, personal trainer and head coach at Performance Physique, to analyse 12 different supplements every lunchtime over the next two weeks - today it's a big one: protein powder.

Protein powder is probably the most well-known fitness supplement, advertised as a cheap, clean and efficient way of getting more protein - the building blocks of our body - into the system.

1kg of whey protein powder - which is made by taking a byproduct of the cheese manufacturing process and adding flavourings and additives - can cost as little as £20, and as much as £60 or more.

The recommended serving for the average gymgoer is one scoop a day weighing about 25-30g, meaning if you buy a cheap bag, you're paying about 60p a day or £4.20 weekly.

Like many supplements, it's recommended you take it even on days you don't exercise.

But is it essential?

Arj says, for the average active person looking to build muscle (as most gymgoers are), yes.

Giving a score of 10/10, he says protein powder "should be considered as convenient must to support protein targets, which are vital for being strong and in shape".

Why do we need it - and what's it good for?

"Protein aids muscular recovery, muscle tissue development, supports the development of strength, reduces the effects of sarcopenia and can increase satiety," Arj says.

Having lots of protein can also help cut fat, he explains.

"High protein diets are consistently more effective for weight loss, improved muscle retention and improved health markers than low protein diets."

Our nutritionist, Andrew, is also on board, giving protein powder 9/10.

He says it should not be your main source of protein, however - rather, use it as a convenient booster during the day to keep your overall intake topped up.

Grass-fed and organic meat or fish, or veggie or vegan substitutes, should always be your first port of call for protein - but as supplements go, protein powder is a good one, he says.

Be careful which brand you choose, though, as many stuff their powders with a host of nasty additives and sweeteners - so do your research.

How much protein do you need daily?

An egg has 6-8g of protein, a chicken breast around 30g and 100g of tofu gives 17g.

"Research suggests athletes aim for around 2g of protein per kg of body mass per day, so for a 70kg athlete, that's 140g," Andrew explains.

"The rest of us have been advised around c.0.8g per kg of body mass per day, which in my opinion is a little low."

The verdict: Worth it as part of a balanced diet.

If we're looking to help our bodies take in more protein, the versatile powder - which can be put into shakes, smoothies or used in baked goods - can help boost your intake at a relatively low cost.

Shoppers have been left disappointed after discovering empty shelves in Morrisons stores across the country.

A number of customers hit out at the supermarket on social media, saying the lack of products was "absolutely diabolical".

Fruit and veg sections appeared to be particularly sparse, with photos showing dozens of empty crates sitting on shelves.

In a Facebook post, one irritated customer shared videos of a store in north London with bare meat, bread and vegetable sections.

"Morrisonsyou can't genuinely think this is acceptable, it's like the customers have to choose between stock or staff, as you can't have both!! Absolutely diabolical," she said.

On X, a customer said the lack of produce was another reason not to shop at the supermarket.

Last week, the software used by the chain to manage its warehouse was hacked, causing problems with its management systems for fresh food and produce.

A Morrisons spokesperson told Money that products that can be stored at room temperature as well as frozen food had not been affected.

They said: "We are recovering quickly and our back-up system is working well. In some supermarkets there are still a few areas and product lines where availability has not yet fully recovered, but we are making good progress."

The ransomware attack also caused disruptions for a handful of companies in the US, including Starbucks.

A spokesperson for the coffee chain said the company's ability to manage barista schedules and track hours had been disrupted.

It added that the outage was not impacting how customers were served and that ensuring workers get paid for all hours worked was a top priority.

A worldwide architecture prize has announced its picks for the most beautiful airport in the world.

Announced each year since 2015, the Prix Versailles is a series of architectural competitions that shine a light on the best projects worldwide.

The competitions rank everything from museums to sports stadiums, but it's the airports we're focusing on.

Coming out on top in this year's list is the Zayed International Airport in Abu Dhabi.

The airport is designed in an X-shape, and each of the four points is inspired by Abu Dhabi's landscapes.

Also in the list are airports in Singapore, Bangkok, and Kansas City.

Remarkably, Heathrow, Luton, Gatwick etc were not commended.

The six most beautiful airports in the world for 2024, according to Prix Versailles, are:

• Zayed International Airport, Abu Dhabi
• Felipe Angeles International Airport, Zumpango, Mexico
• Changi Airport Terminal 2, Singapore
• Suvarnabhumi Airport, Midfield Satellite 1, Bangkok
• Logan International Airport, Terminal E, Boston
• Kansas City International Airport, Kansas City

The business secretary, Jonathan Reynolds, will give a statement in the House of Commons later followingthe parent company of car company Vauxhall announcing it will close its 120-year-old Luton plant in April, blaming the electric vehicle mandate.

Mr Reynolds will set out more details of a "fast track" consultation he is launching into the electric vehicle rules that the car industry has been lobbying against, education minister Stephen Morgan has told Sky News.

The rule for 2024 requires manufacturers to ensure that 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.

Speaking on Sky News Breakfast, Mr Morgan said the government is going to "work really closely with the industry" on the green transition to "make sure that this is rolled out effectively".

He said the "ambition of this government" is to totally phase out sales of vehicles powered by fossil fuels by 2035, and in the interim, he said it is really "important that there is the [charging] infrastructure up and down the country" to support it.