Chancellor’s speech paves way for tax hikes

Chancellor Rachel Reeves has signalled that tax rises may feature in her 26 November Budget, warning in a pre-Budget speech that “we will all have to contribute” to fixing Britain’s finances.

With national debt at £2.9tn and one in every £10 of tax pounds spent on interest, Reeves ruled out austerity but stressed the need for “fairness” and fiscal discipline.

Analysts say her remarks hint that manifesto pledges not to raise income tax, National Insurance or VAT could be broken. Financial experts suggested the speech was designed to prepare voters and markets for difficult but “credible” fiscal measures.

Children to learn how mortgages work at school

Children will be taught how mortgages work under government plans to modernise the national curriculum, alongside lessons on AI and spotting fake news.

The reforms, based on a review by Professor Becky Francis, aim to equip pupils with stronger financial and digital literacy skills. Education secretary Bridget Phillipson said the updates would ensure students are prepared for modern challenges.

Mortgage industry leaders welcomed the move, saying it would help young people make informed financial decisions, with some suggesting brokers should help deliver lessons to bring real-world experience into classrooms.

HSBC introduces new LTI multiples for higher earners

HSBC has updated its residential lending policy to allow Premier account holders to borrow up to 6.5 times their income on loans up to 90% LTV, subject to affordability checks.

The move marks a shift from the bank’s traditionally cautious stance, making it one of the most generous lenders in the market. Trinity Financial’s Aaron Strutt described the policy as “punchy” but said it could boost business by helping higher earners stretch affordability, with most likely needing to fix for five years for added payment security.

Nationwide enhances interest only offering

Nationwide has expanded its interest-only mortgage offering to all buyer types up to 75% LTV, or 85% for part interest-only, part repayment loans.

Repayment options now include UK-based savings, investments, pensions and other properties, alongside the sale of a main residence. The product, available exclusively through brokers, will also be open to first-time buyers, with income thresholds set at £75,000 for sole and £100,000 for joint applications.

Nationwide’s Carlo Pileggi said the move offers greater flexibility while maintaining responsible lending, while Coreco’s Andrew Montlake called it a strong endorsement of the broker channel.

Rents down 12% in October: Goodlord

Average rents across England fell by 12% in October, marking the sharpest monthly drop after a record-breaking summer, according to Goodlord. The average rent fell from £1,447 in September to £1,276, saving tenants over £2,000 a year.

The South West saw the largest fall at 24%, while the North West and West Midlands saw smaller declines of around 6%. Despite the monthly dip, rents remain 3.1% higher year-on-year, with the strongest annual growth in London, the South East and the North West.

Average void periods also rose from 16 to 21 days, with the North East seeing the biggest increase. Goodlord’s William Reeve said the seasonal slowdown was expected but noted a slight uptick in annual rental inflation heading into winter.

HM Land Registry unveils strategy to speed up property transactions

HM Land Registry has launched its Strategy 2025+, aiming to modernise property transactions with faster, more accessible digital services.

The plan includes investing in automation, AI and data sharing to reduce errors and improve customer experience.

Interim chief executive Iain Banfield said the transformation will create a more efficient, less stressful property market while supporting wider housing and infrastructure goals.

Nationwide trims prices by up to 0.25% with lowest rate at 3.64%

Nationwide has cut fixed mortgage rates by up to 0.25% across its two-, three-, five- and 10-year products, with rates now starting from 3.64%.

The reductions apply to new buyers, home movers, remortgage customers and first-time buyers, with several products now below 4%.

Head of mortgage products Carlo Pileggi said the move strengthens Nationwide’s position as one of the most competitively priced lenders in the market.

MPC decision: Mortgage market reacts as Bank holds

The Bank of England held its base rate at 4% today, with a 5-4 vote by the MPC, citing inflation at 3.8% as still too high.

While the decision was broadly expected, some analysts warn cuts are likely soon, especially given upcoming Budget tax changes.

The mortgage market reacted calmly, with lenders already reducing rates, though commentators note that a future base rate cut could stimulate housing activity after a quiet period.

Vernon BS adds range of complex prime mortgages

Vernon Building Society has launched a complex prime mortgage range for purchase and remortgage, offering sole applicants over 5.5× income and joint applicants over 5×.

Products include two- and five-year fixed rates from 4.75% to 4.89% and two-year discount deals up to 90% LTV, with maximum loans up to £1m and 25% overpayment without charge.

Brendan Crowshaw highlights that Vernon personally underwrites applications, catering to borrowers often declined by larger lenders.

Selina appoints new head of intermediaries

Selina Finance has appointed Matthew Batte as head of intermediaries to expand its broker network and support its secured loans and HELOC range.

Batte, with over a decade in specialist lending including roles at Pepper Money, Shawbrook Bank, and Optimum Credit, will work with sales, operations, and marketing teams to help brokers access Selina’s products.

The move follows the lender’s September HELOC relaunch, aimed at simplifying and enhancing its flexible mortgage offerings.