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Mortgage approvals hit lowest level since 2023


By Goran Nastic

Mortgage approvals for house purchases fell to 56,205 in May, their lowest level since December 2023 and down 14.9% from April’s 66,034, according to the Bank of England’s latest Money and Credit data, as higher borrowing costs and economic uncertainty weighed on activity.

The central bank’s figures show that net mortgage borrowing dropped to £2.9bn from £4.4bn in April and remained well below the six-month average of £5.1bn


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More than half of regulated firms cannot verify business ownership

More than half of UK regulated firms are struggling to verify who ultimately owns or controls the businesses they deal with, creating significant exposure to fraud, sanctions breaches and financial crime, according to new research from compliance specialist SmartSearch

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Renters’ Rights Act forcing smaller landlords to exit market

Smaller landlords are increasingly moving away from property ownership and exiting the market following the introduction of the first phase of the Renters’ Rights Act, warns financial advice firm Continuum, which describes the reforms as "an assault on landlords"

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Third of people unaware of changes to IHT and pension rules

Almost a third (32%) of people do not know how upcoming changes to pensions and inheritance tax (IHT) will affect them, Hargreaves Lansdown has revealed

Landlord demand drops across the UK

Interest in becoming a buy-to-let (BTL) landlord has fallen across almost every major UK city in the past year, emoov has revealed

Pure Retirement

Brokers report stalling demand in business borrowing

Demand for commercial finance has plateaued due to international conflict and interest rate expectations damping business confidence, according to Atom bank’s latest SME Pulse survey
ISA rule changes risk creating unintended barriers for savers

The Government’s proposed ISA reforms could create unintended consequences for savers by making portfolios less flexible and discouraging sensible financial planning, financial planners have warned.

Under plans confirmed this week, interest earned on uninvested cash and cash-like assets held within a stocks & shares ISA will face a 22% tax charge from April 202

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High deposit barrier keeping a third of renters locked out of homebuying

One in three renters could face a wait of around 35 years to save enough for a first-home deposit, with rising rental costs shutting aspiring buyers out of homeownership, according to new research from Skipton Building Society⁠

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Third of people unaware of changes to IHT and pension rules

Almost a third (32%) of people do not know how upcoming changes to pensions and inheritance tax (IHT) will affect them, Hargreaves Lansdown has revealed

Frozen tax thresholds push HMRC income tax and NICs receipts higher in May

HMRC collected £153.7bn in tax and National Insurance contributions (NICs) between April and May 2026, up £9.8bn year-on-year, driven largely by stronger income tax and NIC receipts

IHT receipts continue to rise in May

Inheritance tax (IHT) receipts totalled £730m in May, up from £701m recorded in the same period last year, HMRC has revealed

Chancellor launches consultation to reduce tax burden on wealthy US expats

Chancellor Rachel Reeves has launched a consultation into easing the tax burden faced by wealthy US investors looking to relocate to the UK

More than half of regulated firms cannot verify business ownership

More than half of UK regulated firms are struggling to verify who ultimately owns or controls the businesses they deal with, creating significant exposure to fraud, sanctions breaches and financial crime, according to new research from compliance specialist SmartSearch

FCA censures CACEIS UK; firm to pay £31.7m to WealthTek clients

The Financial Conduct Authority (FCA) has censured CACEIS UK, with the asset servicing bank to make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left them exposed to financial crime risk

PIMFA publishes new guidance on non-financial misconduct

PIMFA has published new guidance to help member firms navigate the Financial Conduct Authority's (FCA) updated handbook rules on non-financial misconduct

Starmer announces resignation as PM and Labour Party leader

Keir Starmer has announced his resignation as PM and leader of the Labour Party. He said every decision he has made in office has been about "putting the country I love first"

£227bn sits in £10k+ current account balances earning no interest

More than six million current accounts pay no interest despite holding balances of £10,000 or more, with a combined £227bn in deposits, Spring has revealed

Bank of England base rate held at 3.75%

The Bank of England (BoE) has announced that interest rates will be held at 3.75%, the lowest bank base rate (BBR) since February 2023. The central bank's latest decision, which had been widely anticipated by economists, comes after inflation remained unchanged at 2.8% in May

Average high street easy access savings account rate falls below 1% - Spring

The average interest rate on a true high street easy access savings account has fallen below 1%, Spring has revealed

Savings product choice hits new record

The number of savings products available on the market has risen to 2,540 deals, according to data from Moneyfacts

RIBA pension scheme completes £35m buy-in with PIC

The Royal Institute of British Architects 1974 Staff Pension Scheme has completed a £35m buy-in with Pension Insurance Corporation (PIC), securing the benefits of 168 members

FCA proposes tougher SIPP rules

The Financial Conduct Authority (FCA) has launched a consultation on new rules aimed at tightening governance standards across the self-invested personal pension (SIPP) market

Growing share of annuity quotes coming from over 75s ahead of IHT changes

There has been a noticeable shift in the profile of annuity demand, according to Standard Life, which found more customers aged over 75 on top of a growing number purchasing higher-value policies as retirement planning adapts to upcoming tax changes

Pension inheritance changes could trigger ‘double tax’ and tighter deadlines for families

Families inheriting pensions could face significantly higher tax bills and greater administrative pressure under new Government rules that will bring unspent pension funds into the scope of inheritance tax (IHT) from April 2027, argues wealth manager Saltus. The changes mean some beneficiaries could face both IHT and income tax on inherited pension assets, increasing complexity around estate planning and pension wealth transfers

Brokers report stalling demand in business borrowing

Demand for commercial finance has plateaued due to international conflict and interest rate expectations damping business confidence, according to Atom bank’s latest SME Pulse survey

ISA rule changes risk creating unintended barriers for savers

The Government’s proposed ISA reforms could create unintended consequences for savers by making portfolios less flexible and discouraging sensible financial planning, financial planners have warned. Under plans confirmed this week, interest earned on uninvested cash and cash-like assets held within a stocks & shares ISA will face a 22% tax charge from April 202

Over half of adults change savings plans in response to inflation

Over half (55%) of UK adults have changed their savings or financial plans in response to rising living costs and inflation, Chetwood Bank has revealed

Govt launches consultation around FTB ISA introduction

The Government has launched a consultation around the potential introduction of a new first-time buyer (FTB) ISA, which is set to be offered in place of the lifetime ISA (LISA). The paper from the Treasury stated that there is evidence that the LISA product, which was introduced in 2017, is not working for many savers and is too confusing, and it is therefore withdrawing it

AI could reshape retirement planning but raises new risks - Aon

Artificial intelligence (AI) is set to play a growing role in how people plan for retirement, but new research from Aon argues it should complement rather than replace human advice

Rosemount Financial Solutions (IFA) launches new AI-powered tool

Rosemount Financial Solutions (IFA) has announced the launch of ProCeding, its new AI-powered tool designed to simplify dealing with ceding scheme providers

Firms collaborate to drive modernisation in homebuying process

Proptech firms and software developers across the homebuying sector have collaborated in a series of hackathons designed to test how property data can be shared across the home-moving process

AI to ‘reshape’ advice firms without replacing advisers

Artificial intelligence (AI) will reshape financial advice but will not replace advisers, according to a report from Hoxton Wealth

News in brief - 29 June 2026

Today's round up of developments coming out of the consumer finance space, featuring LHV Bank, Vernon Building Society, Third Financial and Nottingham Building Society

OMS launches protection referral partnership with The Insurance Surgery

One Mortgage System (OMS) has announced a referral partnership with the specialist protection broker, The Insurance Surgery

News in brief - 26 June 2026

Today's round up of developments coming out of the consumer finance space, featuring Keystone Property Finance, The Right Mortgage & Protection Network, Offa, Finance Magic and Fleet Mortgages

News in brief - 25 June 2026

Today's round up of developments coming out of the consumer finance space, featuring Redwood Bank, GB Bank, Paragon Bank, Pepper Money, Just Mortgages and Gen H

BLOG: Royal London Equity Release: How high-net-worth individuals could benefit from releasing equity with the exclusive Premier product offering

In February 2026, we were recognised at the MoneyAge Mortgage Awards, taking home the title of ‘Later Life Lender of the Year’, with judges highlighting our rapid distribution growth, extensive adviser engagement and meaningful product enhancements. As an equity release provider, our approach is rooted in a holistic view of retirement, aiming to provide good customer outcomes with backing from the UK’s largest mutual life, pensions and investment company* – but what can we offer you and your clients?

BLOG: Are added-value services the key to engaging clients in protection?

Scottish Widows Protection Director, Rose St Louis, discusses how reframing protection conversations can help to engage clients

BLOG: Award-winning lending, built brick by brick

Saffron for Intermediaries discusses its latest lending offering on the MoneyAge blog

BLOG: Doing Good is Good Business

MoneyAge Awards winner Bespoke Advice discusses the key fundamentals of good financial planning in our latest blog piece

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