Nationwide eases remortgage rules to allow for £33,000 extra borrowing

Nationwide has relaxed its affordability checks for remortgagers taking out five- or 10-year fixed-rate loans, potentially enabling them to borrow up to £33,600 more.

The changes, open to both employed and self-employed applicants, require a minimum income of £40,000 for individuals and £70,000 for joint applicants. Customers with a strong mortgage payment history can now borrow up to 4.5 times income with additional borrowing, or 6.5 times income for like-for-like remortgages, at up to 95% loan-to-value.

The move follows a wider trend among lenders increasing loan-to-income ratios after regulatory changes in July.

Coventry for intermediaries and Santander make rate changes

Coventry for intermediaries has reduced residential mortgage rates by up to 14bps and buy-to-let rates by up to 38bps, alongside launching new products, such as a 3.80% two-year fix at 65% LTV and a 4.31% five-year fix at 75% LTV. The lender says the cuts give brokers more opportunities to help clients, with product transfer rates matching the best new business deals.

Meanwhile, Santander for intermediaries has made mixed changes, raising some residential and BTL fixed rates by up to 0.10%, while cutting others—such as certain two- and five-year fixed deals—by as much as 0.12%. It has also introduced £250 cashback on selected 60–75% LTV residential purchase products and trimmed some product transfer rates by up to 0.08%.

Santander LTI boost allows high earners up to 24% more borrowing

Santander is raising its loan-to-income limit to 5.5 times for joint applicants earning £100,000 or more, potentially boosting borrowing by up to 24% for some high earners with smaller deposits.

The changes, effective tomorrow, also streamline repayment and interest-only multiples, and increase LTI caps for repayment loans up to 90% LTV and interest-only loans up to 85% LTV. For joint incomes between £45,000 and £100,000, the limit will rise to 5 times income.

The move follows a wider trend of lenders increasing LTI ratios after regulatory changes in July, with Santander’s adjustments standing out for the scale of potential borrowing uplift.

Treasury looks at caps on IHT gifting to plug public finances: Report

The Treasury is considering reforms to inheritance tax ahead of the autumn Budget as Labour seeks to address a £40bn fiscal gap without raising income tax, VAT or national insurance. Options include capping lifetime gifting and revising the taper relief, which currently reduces tax on gifts made three to seven years before death.

The aim is to capture more revenue from wealth, particularly rising property values, while avoiding loopholes. Although only 4.6% of deaths incurred inheritance tax in 2022–23, frozen thresholds mean more estates are being drawn in.

Critics warn that changes could create harsher tax outcomes for families, especially if taper rules are tightened.

Homelessness minister resigns over landlord rent hike

Homelessness minister Rushanara Ali has resigned after reports she raised the rent on a property she owns by £700 a month shortly after ending a tenancy to sell it, in apparent conflict with Labour’s Renters’ Rights Bill. The east London landlord MP said she had always complied with legal requirements but stepped down to avoid distracting the government.

The bill, now in its final parliamentary stages, will ban relisting homes for higher rent within six months of ending a tenancy to sell, alongside limiting rent rises, ending fixed-term tenancies, banning Section 21 evictions, and curbing bidding wars. Critics accused Ali of hypocrisy, with opposition figures saying her actions undermined her role.

Homes England appoints Rees as CEO

Homes England has named Amy Rees as its new chief executive, nine months after the agency’s previous leadership resigned over new housing targets. Rees, formerly interim permanent secretary at the Ministry of Justice and ex-chief executive of HM Prison and Probation Service, will lead efforts to deliver Labour’s pledge of 1.5 million new homes this Parliament.

Backed by the £16bn National Housing Bank, her priorities include unblocking stalled sites, progressing plans for up to 12 new towns, and driving the biggest expansion of social and affordable housing in a generation. She takes over from interim chief Eamonn Boylan on 8 September.

Barclays and Accord Mortgages trim prices

Barclays and Accord Mortgages have both reduced rates across parts of their product ranges.

Barclays’ cuts apply mainly to existing customer residential and remortgage deals, with reductions of up to 0.44 percentage points, including a five-year fixed at 85% LTV falling from 4.19% to 4.02%, and a remortgage two-year fixed at 85% LTV dropping from 4.75% to 4.39%. High-value loans at 70% and 75% LTV have also seen small cuts.

Accord Mortgages has trimmed its buy-to-let rates by 0.06 percentage points across selected two- and five-year fixes at 60%, 65% and 75% LTV, extending end dates to 30 November. The lender says falling swap rates have enabled it to offer more competitive options for landlords.

Suffolk BS offers 5.49x income multiples for renters

Suffolk Building Society will now lend up to 5.49 times income to applicants with a 12-month rental history showing payments within 10% of their expected mortgage costs, or where at least one applicant earns over £75,000, lowering the previous £100,000 threshold.

The lender has also eased criteria to allow capital raising for property purchases without simultaneous completion, for onward purchases in a limited company, and for deposits sourced from an applicant’s special purpose vehicle.

The society says the changes aim to help renters who can afford mortgage repayments but struggle to save a deposit.

HSBC cuts lowest rate to 3.75%, Virgin Money trims rates

HSBC has reduced selected residential mortgage rates by up to 8bps, with its lowest deal now at 3.75% for Premier customers taking a two-year fix at 60% LTV with a £999 fee. Other cuts include two-year 60% LTV purchase fixes to 3.78% and two-year 75% LTV remortgage fixes to 4.06%.

Virgin Money has lowered rates by up to 15bps and launched new exclusives, including two-year fee-saver fixes at 90% LTV for purchases at 4.51% and at 75% LTV for remortgages at 4.40%. Its two-year fixes at 75% LTV with a £995 fee drop to 3.99%, and five-year equivalents to 4.01%.

Halifax cuts rates, including 2-year fix at sub-4%

Halifax has reduced rates across its homebuyer and remortgage range, including a sub-4% two-year fixed rate at 60% LTV with a £999 fee now 3.94%, while its five-year fixed rates up to 80% LTV have been cut to 4.38% (no fee) and 4.27% (£999 fee), and two-year fixes at 90–95% LTV with no fee now start from 5.15%.

The lender says the reductions aim to provide more affordable options for borrowers across a range of deposit sizes.