Top stories this week: FSCS limit rises to £120,000 next month, while Nationwide’s lending falls as stamp duty changes hit buyers.
Explore these and other key industry updates below:
Regulator confirms FSCS limit to rise to £120,000 next month
The PRA has confirmed that the FSCS deposit protection limit will be increased from £85,000 to £120,000 on December 1, the first increase since 2017, with the temporary high balance protection limit also rising to £1.4 million.
The increase, which is larger than initially proposed, is based on inflation data and industry feedback and is aimed at boosting public confidence that deposits are safe if a bank or building society fails.
Experts say the change is particularly important for people holding large sums of money after a major life event, and are reminding savers to spread their funds across institutions to stay within protective limits.
OneDome acquires Connells’ Mortgage Intelligence
OneDome has acquired Mortgage Intelligence, Mortgage Next and Life and Easy from Connells Group, a move that will lift its annual mortgage volume to more than £10bn and expand its adviser headcount to more than 550.
The acquisition supports OneDome’s newly launched Growth Partners network to meet anticipated demand for its £7.5m national TV campaign for its fixed-price HomeBuyer Service.
OneDome said the deal accelerates its growth plans, raising its target to more than 750 brokers, while Connells said the businesses have matured and wished them continued success under new ownership.
Loans fall nationwide as stamp duty changes hit buyers
Nationwide’s half-year pre-tax profits fell 14% to £486 million, with mortgage lending falling to £4.7 billion, partly due to stamp duty changes in April 2025, while administrative costs rose sharply following the acquisition of Virgin Money.
The acquisition also boosted underlying revenue to £3.1 billion. Nationwide said borrowers still face affordability pressures but delinquencies are expected to remain low due to strong credit quality and capital.
Chief executive Debbie Crosbie highlighted strong deposit growth, current account conversion gains and the £1.2bn of value delivered to members.
Mortgage Mom launches On the Ladder
Mortgage Mom has launched on the ladderis a YouTube series designed to increase first-time homebuyers’ understanding of the increasingly diverse mortgage options.
Starting on November 24, the series will cover topics such as low deposit pathways, 100% and Home Assistance mortgages, new build incentives and legal procedures.
Founder Sarah Tucker said that despite a greater political focus on housing accessibility, many buyers are still unaware of recent lender innovations and believes the industry must communicate more clearly to combat the perception that home ownership is out of reach.
Mortgage Works and Halifax Intermediaries price cuts
Mortgage Works has cut some buy-to-let rates by up to 0.20 per cent, taking one-, two- and five-year fixed rates down to 75 per cent for individual and limited company owners.
Halifax Intermediaries has also reduced a range of fixed rates for home movers, first-time buyers, remortgages, product transfers and further advances, up to 0.14 per cent.
The changes follow interest rate cuts by Barclays and Santander earlier in the day.
Three people arrested for allegedly targeting vulnerable people facing repossession
The Financial Conduct Authority (FCA) has arrested three people in the West Midlands as part of an investigation into alleged unauthorized debt servicing targeting vulnerable individuals facing repossession.
The watchdog, working with the National Crime Agency, searched a number of properties and released the suspect on conditional bail. The FCA warned consumers to avoid unregulated debt help providers and said it would publish more details.
The arrests came shortly after UK Financial reported a 4% rise in repossessions in the third quarter.
Primis expands sales team with new appointments
Primis has strengthened its sales team with four new appointments: Mark Rookyard takes on the role of regional sales director for the South East, Fran Green takes on 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 Southwest Regional Sales Manager. Sales director Neil Hoare said the new additions reflected Primis’ continued investment in frontline support to help drive network and broker growth.
Barclays, Santander and Skipton intermediaries cut rates
Barclays has reduced rates on a number of five-year fixed mortgages at 60%, 85% and 90% LTV levels by 30 basis points, with prices now starting from 3.82%.
Santander will also cut rates by up to 0.29% for home movers, remortgages, buy-to-let and first-time buyers, with fixed rates now starting at 3.55%.
Skipton for Intermediaries is similarly reducing prices on home purchases, remortgages, new construction and two-year rehabilitation for select existing customers.
House prices soften as Budget approaches: Rightmove
The average asking price for new sellers fell 1.8% to £364,833 this month, with a larger-than-usual fall in November due to rising housing stock and uncertainty ahead of the Budget.
Increasingly, sellers are cutting prices to attract hesitant buyers, particularly in high-value markets, where concerns about tax changes have impacted sales, although the sub-£500,000 sector is proving more resilient.
Despite a slowdown in October, year-to-date agreed sales are still 4% above 2024 levels, supported by improved mortgage affordability, but agents say the market is firmly buyer-led as many await clarity on tax and interest rate changes.
Nottingham Building Society to lend to more borrowers at 5.5 times revenue
Nottingham Building Society has relaxed lending standards, lowering the income threshold for borrowing 5.5 times income to £60,000, removing minimum working hours requirements and cutting residential rates by up to 0.2 basis points, while reducing stress tests.
It has also expanded its overseas services through Nova Credit, which currently sources international credit data from 15 countries, and expanded eligibility to those holding family visas, with loan-to-loan ratios as high as 90%.
The lender said the changes were designed to make lending fairer and more accessible to a wider range of customers.
