This week’s top headlines: FSCS limit rises to £120,000 next month and Nationwide’s lending dips as Stamp Duty tweaks hit buyers.
Explore these and other major industry updates below:
FSCS limit rises to £120,000 next month, regulator confirms
The PRA has confirmed that the FSCS deposit protection limit will increase from £85,000 to £120,000 on 1 December — the first rise since 2017 — with temporary high-balance cover also rising to £1.4m.
The uplift, higher than initially proposed, follows inflation data and industry feedback, and aims to strengthen public confidence in the safety of deposits should a bank or building society fail.
Experts say the change is particularly important for people holding large sums after major life events, and remind savers to spread funds across institutions to remain within protection limits.
OneDome acquires Mortgage Intelligence from Connells
OneDome has bought Mortgage Intelligence, Mortgage Next and Life and Easy from Connells Group, a move that lifts its annual mortgage volume to over £10bn and expands its adviser base to more than 550.
The acquisition supports OneDome’s newly launched Growth Partners network and aims to meet demand expected from its £7.5m national TV campaign for its fixed-price HomeBuyer Service.
OneDome says the deal accelerates its growth plans, raising its target to more than 750 brokers, while Connells describes the businesses as well-established and wishes them continued success under new ownership.
Nationwide’s lending dips as Stamp Duty tweaks hit buyers
Nationwide’s half-year pre-tax profit fell 14% to £486m as mortgage lending dropped to £4.7bn, partly due to April 2025 stamp duty changes, while administrative costs jumped following its acquisition of Virgin Money.
The takeover also boosted underlying income to £3.1bn. Nationwide said borrowers still face affordability pressures but expects arrears to remain low, noting strong credit quality and capital.
Chief executive Debbie Crosbie highlighted strong deposit growth, current-account switching gains and £1.2bn of value delivered to members.
The Mortgage Mum launches On the Ladder
The Mortgage Mum has launched On the Ladder, a YouTube series aimed at improving first-time buyers’ understanding of increasingly varied mortgage options.
Starting on 24 November, the series will cover topics such as low-deposit routes, 100% and family-assisted mortgages, new-build incentives and the legal process.
Founder Sarah Tucker says many buyers remain unaware of recent lender innovation, despite greater political focus on housing accessibility, and argues the industry must communicate more clearly to counter the perception that homeownership is unattainable.
The Mortgage Works and Halifax Intermediaries cut prices
The Mortgage Works has trimmed selected buy-to-let rates by up to 0.20%, cutting one-, two- and five-year fixes for both individual and limited-company landlords, all up to 75% LTV.
Halifax Intermediaries has also reduced a range of fixed rates for home movers, first-time buyers, remortgagers, product transfers and further advances by up to 0.14%.
These changes follow rate cuts from Barclays and Santander earlier in the day.
Three arrested on suspicion of targeting vulnerable people facing repossession
The FCA has arrested three people in the West Midlands as part of an investigation into suspected unauthorised debt services aimed at vulnerable individuals facing repossession.
Working with the National Crime Agency, the regulator searched multiple properties and has released the suspects on conditional bail. The FCA warned consumers to avoid unregulated debt-help providers and said further details will follow.
The arrests come shortly after UK Finance reported a 4% rise in repossessions in Q3.
Primis grows sales team with new appointments
Primis has strengthened its sales team with four new appointments: Mark Rookyard becomes regional sales director for the South East, Fran Green takes the same role for the North West and West Midlands, and Ian Merriman joins as regional sales director for the East Midlands and East. Harrison Avery has been hired as regional sales manager for the South West. Sales director Neil Hoare said the additions reflect Primis’s continued investment in front-line support to help drive network and broker growth.
Barclays, Santander and Skipton for Intermediaries reduce rates
Barclays has reduced several five-year fixed mortgage rates by up to 30bps across 60%, 85% and 90% LTV tiers, with prices now starting from 3.82%.
Santander has also cut home-mover, remortgage, buy-to-let and first-time buyer rates by up to 0.29%, with fixed rates now beginning at 3.55%.
Skipton for Intermediaries has similarly lowered prices on its residential purchase, remortgage, new-build and selected existing-customer two-year fixes.
House prices softening as Budget looms: Rightmove
Average new seller asking prices have dropped by 1.8% this month to £364,833, a larger-than-usual November fall driven by increased housing stock and uncertainty ahead of the Budget.
More sellers are cutting prices to attract hesitant buyers, particularly in higher-value markets where fears of tax changes have hit sales, though the sub-£500,000 sector is proving more resilient.
Despite October’s slowdown, year-to-date agreed sales remain 4% above 2024 levels, supported by improved mortgage affordability, but agents say the market is firmly buyer-led as many wait for clarity on tax and interest rate movements.
Nottingham Building Society to lend at 5.5x income to more borrowers
Nottingham Building Society has eased its lending criteria by lowering the income threshold for 5.5x income borrowing to £60,000, removing minimum time-in-job requirements, and cutting residential rates by up to 0.2bps alongside lower stress tests.
It has also expanded its foreign national offering through Nova Credit, now sourcing international credit data from 15 countries and extending eligibility to those on family visas, with lending available up to 90% LTV.
The lender says the changes aim to make borrowing fairer and more accessible for a wider range of customers.
