Budget day + Your First Home and new mortgage lending rules

Your property and mortgage news 🏡 It's Budget day. The Chancellor, John Healey, gives his first Budget at lunchtime today (Wednesday 28 October). More detail is expected on the Your First Home scheme, which aims to help first-time buyers buy a new-build home in England with a 2.5% deposit and a 20% government-backed equity loan. Reports say household income limits of £110,000 (£140,000 in London) are expected to be confirmed. Also from today, new lending rules start. Each lender's own 15% cap on mortgages of 4.5 times income or more has been removed, while the 15% limit across the whole market stays (Bank of England PRA and FCA). This could give some lenders more room to lend at higher income multiples. Brokers say fixed rates could move either way in the days after the Budget, so if your deal ends soon, it's worth getting advice early. Renting, buying, selling or remortgaging? Come and have a friendly chat — we're here to help. Call us today: 0161 518 0808 www.movedirect.org 725 Stockport Road, Manchester M19 3AR Sources: Bank of England PRA and FCA (14 Oct 2026), BBC News (23 Oct 2026), What Mortgage (27 Oct 2026). For information only — not advice. Your home may be repossessed if you do not keep up repayments on your mortgage. #MoveDirect #PropertyNews #Mortgages #Budget2026 #FirstTimeBuyers #ManchesterProperty