Ford most exposed to fines as electric van targets toughed
The UK's biggest van seller, Ford, is also the biggest laggard on tough government-mandated EV sales targets when it comes to the main players, new figures show.
So far this year, Ford has sold 2443 electric light commercial vehicles (LCVs), equating to 5.4% of its 45,190 LCV total and some way short of the 16% required by the ZEV mandate, according to EV think tank NewAutoMotive.
By contrast, the nation's second biggest van seller, Volkswagen, is running at 19% so far this year, thanks mainly to the commercial version of the ID Buzz.
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Times
2 minutes ago
- Times
Mortgage prices are falling – should you fix?
A fresh mortgage price war has come to the rescue of hundreds of thousands of borrowers whose cheap pandemic home loans are about to expire. More than 760,000 homeowners' fixed-rate deals are due to come to an end this year. And many of those will be braced for crippling rises of up to £300 a month when they come off loans with interest rates as low as 1 per cent. However, lenders are slashing rates this summer as they compete for business in a 'buyer's market', with a record number of properties for sale. This slowdown in the housing market has caused banks to focus on deals for those who are remortgaging. Figures released by the Bank of England this week showed that the 41,800 remortgages approved last month was the most since October 2022, just after Liz Truss's disastrous mini-budget, which sent mortgage rates soaring. On Wednesday the building society Nationwide became the latest lender to cut rates, slashing fixed deals by up to 0.21 percentage points. Shaun Sturgess, a mortgage broker based in Swansea, said: 'For many this is the first window of opportunity in over two years to secure a competitive fixed rate below 4 per cent.' The Bank of England is also expected to cut its base rate to 4 per cent on Thursday after weak growth and a rise in unemployment. This would drive down mortgage costs for the millions of borrowers with tracker or variable-rate deals. The lowest five-year fixed rate available at up to 60 per cent loan-to-value has been cut from 3.96 per cent at the start of May to 3.86 per cent on Thursday from HSBC, while the lowest five-year fix for someone buying a home has stayed the same at 3.88 per cent, available from NatWest. The lowest two-year fix is 3.8 per cent from Santander for someone remortgaging, down from 3.96 per cent at the start of May. While the lowest two-year fix for a buyer is lower, at 3.73 per cent from the same lender, it has been cut by slightly less — down from 3.88 per cent. Some 222,480 homeowners took out five-year fixes between the start of August and the end of December 2020, according to the trade association UK Finance, when the Bank of England base rate was at an all-time low of 0.1 per cent (it is now 4.25 per cent) and fixed mortgage rates could be had for well below 2 per cent. Many took advantage of low pandemic-era interest rates to move to bigger homes, or remortgaged to make home improvements. Between January and August 2020 the average mortgage amount rose from £174,671 to £193,992. Rates then soared after the Bank of England increased the base rate 14 times between December 2021 and August 2023, to a peak of 5.25 per cent, in a bid to tame high inflation. The average mortgage rate hit a peak of 5.74 per cent in July 2023, according to the Bank of England. Five years ago the lowest rate was 1.4 per cent. Someone with a £200,000 25-year mortgage would pay £791 a month, which would rise to £1,056 at a rate of 4 per cent. At a rate of 3.8 per cent, repayments would be slightly lower at £1,034 a month — £264 less a year. Peter Gettins from the broker L&C said: 'Whether you call it a rate war or rate skirmish, banks are keen to compete for your business and are pricing as aggressively as they possibly can. That can only be good news for anyone looking to remortgage or buy.' Borrowers could opt for a tracker deal with a rate that rises and falls in line with the Bank rate. Nationwide's tracker is 0.19 percentage points above Bank rate for two years with no early repayment charge. The mortgage broker Adrian Anderson expects the price war to continue. He said: 'A lot of the banks are fighting for market share. Many will be behind their annual targets because purchase transactions are down, so they will want to try and entice people to take a mortgage with them and increase their loan book.' Aneisha Beveridge from the estate agency Hamptons believes that more competitive rates are increasing affordability for buyers, which will drive house price growth. She said: 'After a sluggish 2024 we expect average house prices across Great Britain to rise 3 per cent year-on-year in the last quarter of 2025, reaching about £277,000.' The average detached house sold for £441,439 in May, according to the Land Registry. A 3 per cent rise in prices would take it to £454,682. • Will you bag a 3% interest rate in the summer mortgage sale? Beveridge added: 'Falling mortgage rates, weakening inflation and rising wages have all helped to ease pressure on household budgets.' Historically, dramatic falls in the Bank's base rate have helped to fuel house price booms, with the 2008 financial crisis and the coronavirus pandemic leading to spikes. The base rate is expected to fall to at least 3.75 per cent before the end of the year. Beveridge said: 'Much of this is already priced in. However, competitive lending — especially for higher loan-to-value products where lending requirements have loosened — should support first-time buyers and second-steppers.' Latest figures from the property website Rightmove put the average rate for a two-year fix at 4.52 per cent, which is 0.74 percentage points lower than the same time last year. The average five-year fix is 4.51 per cent, down 0.36 percentage points compared with June 2024. House prices could also be boosted by high street banks easing the 'stress tests' that are used to make sure borrowers can still afford repayments if their mortgage rate rose. Forecasts by the analyst Oxford Economics predict that the average two-year fixed-rate mortgage with a loan-to-value of 75 per cent could drop from June's 4.32 per cent figure to 4.17 per cent by the end of the year. By July next year it expects this to fall to 4.02 per cent. These falls will support house price growth, with Oxford Economics expecting house prices to hit 3.6 per cent year-on-year growth in the third quarter of the year, and then 2.5 per cent in the final quarter. Edward Allenby from Oxford Economics said: 'We expect house prices to grow, but that growth is expected to soften over the next year. That is because household income growth is likely to slow, whether that is through higher inflation, tighter fiscal policy, frozen thresholds and potentially higher taxes.' In the first quarter of 2025 year-on-year house price growth was 5.5 per cent. An oversupply of homes could also cause price growth to slow. Zoopla reported this week that there were about 553,000 homes up for sale, a record high. • House price boom? Inflation means all is not as it seems Richard Donnell from Zoopla said: 'Price growth is being stunted by the high supply of homes for sale, with 12 per cent more properties on the market than this time last year. 'This supports a 'buyers' market' where there's plenty of choice and offers can be competitive, limiting house price increases.' For homeowners coming to the end of their mortgage term, it looks like a good time to shop around, with significant rate drops for those who want to switch lenders. Gettins said: 'In the last 6 to 12 months the gaps between rates for first-time buyers and those remortgaging have narrowed. Banks are becoming more competitive for those remortgaging as they are for movers, and that's a positive sign for anyone whose deal is maturing.' Analysis by L&C has found that the lowest remortgage rate for a two-year fix is 3.79 per cent, a fall of 0.17 percentage points since the start of May. This has nearly matched the rate for buyers, with the lowest two-year fixed mortgage rate at 3.76 per cent, which is 0.22 percentage points lower than the May equivalent. Experts have said that the high number of people remortgaging is driven by the better rates but also a 'perfect storm' of people coming off their two and five-year mortgages at the same time. Chris Sykes from the mortgage broker MSP Financial Solutions said: 'There have been a series of events that have led to a big remortgage year. 'You probably fixed at five years in Covid before rates rose, and then those getting mortgages two years ago when rates went really high after the Truss budget would have fixed for two years hoping rates would come down.'
BBC News
2 minutes ago
- BBC News
Car finance judgement 'a hard pill to swallow'
A ruling by the UK's most senior judges later has closed down an opportunity for millions of motorists to claim compensation for motor finance Supreme Court decided not to uphold an earlier ruling which found that hidden commission payments to car dealers were the ruling left open the possibility of claims for compensation for large commissions that were BBC talked to two of the people who brought the case to the Supreme Court, plus a person who is planning to make a claim. 'A really big bag of salt' Marcus Johnson from Cwmbran, Torfaen, was one of the claimants in the landmark described the the outcome as "a bitter pill to swallow", although was awarded just over £1,650 on the grounds that his relationship with the lender was said he was "pleased for myself, but not for the hundreds of others" who will now miss out."It's weird," he said. "It's a win, but it's a really big bag of salt to go with it".He was 27 when he bought a blue Suzuki Swift in 2017, and did not know that the commission had been paid, although the lender said he had signed a after passing his driving test in June of that year he walked into a car dealership, and within an hour was driving away in a car he liked, "very excited".It wasn't until threes years later, when he had paid off the finance on the car, that he realised he still had almost the cash price of the car left to was then he decided to contact the three claimants won their test cases, it could have opened up lenders to compensation claims totalling about £ it stands, that bill could shrink to between £5bn and £13bn, according to accountancy and advice firm BDO. 'There's still meat on the bone' Andrew Wrench has been described as "a postman with a penchant for fast cars".He says that description "made me chuckle". The 61-year-old is ex-forces, and also held other positions before becoming a postman, but he is proud to have been described as "the Erin Brockovich of Stoke-on-Trent".He says he is pleased that Marcus was awarded compensation, and that there will be further claims arising from that judgement."There's still meat on the bone," he says, adding that he is glad he helped throw light on the subject, even though his own case was not successful."I just want people to be accountable, and I don't want them getting away with being deceitful and dishonest," he adds. "It all comes down to: honesty is the best policy."Andrew's lawyer, Kavon Hussain of Consumer Rights Solicitors, says that the judgement was "a mixed bag", but showed that the Supreme Court expected car dealers to "always be acting in their own interests" and people should not expect a good deal. 'I'm going to chase my claim' Although it has been a mixed result for the claimants in the case, some people are determined to pursue dealers were paid a bigger commission if they sold a higher interest rate on the were known as discretionary commission arrangements (DCAs) and were banned by regulators in Caffrey, from Blackburn, bought a car in 2009 after maternity leave. Her son was born with certain medical needs, and she wanted a car to get to work and multiple doctor appointments."I'm going to pursue my claim, but I do feel for the people it's put a stop to," she says. "They won't be compensated and I find that quite sad."Jemma feels she was "taken advantage of as a vulnerable new mum". She trusted the car dealership to give her the best deal it could, and paid a high interest rate for her blue Corsa, which she named "Colin". It was not until years later, having read about car finance in the local press, that she went to a law firm to bring a now intends to pursue it.
Daily Mail
an hour ago
- Daily Mail
Could Pep Guardiola's 'imminent' divorce 'hurt Man City'? Sources close to legendary boss say there is 'more urgency' to finalise split as start of season approaches
Pep Guardiola and his wife are set to divorce imminently, as fears grow that their split could hurt Manchester City. The details of the Spanish football manager's divorce from wife Cristina Serra are expected to be finalised within weeks and made official as early as next month, The Sun reports. The couple had hoped to keep their separation on friendly terms, but there is now 'more urgency' as their relationship seems to have deteriorated, sources said. Pep's relationship from estranged wife Cristina has reportedly moved from 'friendly to cordial' amid 'complicated negotiations'. Spanish journalists Laura Fa, who broke the story of their split said: 'The signing of this divorce is going to be imminent. Evidently their relationship sentimentally has come to an end.' And there are now fears his marriage troubles could overshadow the start of the new season, sources say. Daily Mail has approached Manchester City for comment. Pep, 54, and Cristina, 52, have been together for 30 years and got married in 2014. Cristina, who runs a fashion business, struggled to settle in Manchester and moved back to Spain five years ago. The couple reportedly agreed to go their separate ways in December shortly after he signed a new contract with the football club, with sources claiming that it was the last straw for Cristina. The estranged couple even hired the same lawyer to avoid a messy divorce. They both attended an Oasis concert in Heaton Park last month with their two children Maria, 24, and Marius, 22, but were not pictured together. The Manchester City's boss marriage troubles, which were first reported in January, also come during his worst slump as the club's manager. Pep has already said he will leave the club in 2027 after his contract runs out to 'focus on myself'. It was claimed back in April that the couple had been trying to give their marriage a second chance after Pep and his fashion entrepreneur wife spent three days together at their former Barcelona marital home over Easter. It was the second time since news of their shock split became public in January that the former Barcelona footballer had travelled to the Catalan capital and spent time with Cristina. Barcelona-based newspaper El Nacional said after the second reunion they were prepared to 'give each another chance' and claimed 'all was not lost in their marriage.' But the journalists who broke the story of their shock split have shot down the chances of a fresh start for Pep and Cristina after their decision to call time on their 30-year relationship. Lorena Vasquez, one of a duo of well-respected Spanish showbiz reporters who call themselves the Mamarazzis, went on a Spanish TV show in February to say they had launched divorce proceedings which were 'amicable' because they were using the same lawyer. She also linked the split again to the Man City manager's unexpected decision last November to renew his contract with the Premier League club until 2027.
