Today’s Budget: Key Changes for Buyers and Landlords

Chancellor Rachel Reeves has unveiled significant updates in today’s budget, with several important changes set to impact landlords, investors, and homebuyers.

The current Labour government is steering towards a more balanced housing landscape, focusing on adjustments to stamp duty and the Right to Buy scheme.

Buy to let landlords face an immediate increase in the stamp duty surcharge on additional properties, moving from 3% to 5%. This surcharge, initially introduced in 2015, aimed to reduce the rapid acquisition of properties by investors.

As a result, a typical £100,000 property, which would previously have incurred £3,000 in stamp duty for investment purposes, will now cost £5,000. This new rate may affect plans for landlords looking to expand their portfolios.

No mention of extending the current stamp duty holiday period in the Budget which means thresholds will increase for homebuyers from the end of March 2025 as planned.

Homebuyers aiming to avoid higher costs are advised to move forward with property purchases ahead of this date, as stamp duty paid may increase after the deadline.

Lastly, the Right to Buy scheme, a policy introduced by the Conservatives in 1980, is seeing changes. Labour have, previously in government, capped the discounts available to council tenants and have announced in this budget that they will be reducing these again.

Video Summary of Today’s Budget (1 min 42 seconds)

Mortgage Deal Ending Soon?

If your current mortgage is due to end before 30th April 2025, now is the perfect time to get in touch. This allows us to explore your remortgage options together.

We’ll review offers from your current lender and compare them with others to find the best deal for you. This review is completely free and comes with no obligation.

Remortgaging can also be a great time to make changes, such as:

• Adding or removing a name from the mortgage.
• Releasing equity for different purposes.
• Adjusting the length of your mortgage term.
• Reviewing your insurance policies to ensure they still suit your needs.
• Making any other changes you might have in mind.

Age 60+ Mortgage Options

Many customers over 60 find themselves unexpectedly needing a mortgage. The positive news is that there are many options available, whether you’re looking to buy a new home, pay off an existing mortgage, or release some money.

As an independent mortgage broker, we have access to a wide range of products and can recommend the one that best suits your needs.

Here are some common reasons why someone over 60 might need a mortgage:

• Paying off an existing mortgage.
• Buying a new property.
• Short-term financing solutions.
• Consolidating debts.
• Boosting income or accessing a lump sum.
• Managing more complex financial situations.

Short-term Mortgage Solutions

You might need a mortgage and require the funds quickly. Some recent enquiries we’ve had include:

• Buying a property at auction or one that can’t be mortgaged.
• Breaking a property chain.
• Financing a renovation.
• Accessing funds quickly to pay a tax bill or clear debts.
• Or perhaps something else?

The good news is we can help with bridging loans, with funds available in just a few weeks.

Pension Advice

Many people have multiple pension pots spread across different providers, often with little idea of how much income they can expect in retirement or where their money is currently invested.

Our trusted referral partner, UK Financial Planning Ltd, can assist by gathering all the necessary information and offering advice on how to plan for your financial future. They can also help those looking to invest their savings or small business owners wanting to reduce their tax liabilities.

If you would like a free no-obligation chat with a financial advisor, simply click the link below to arrange a time that suits you.

We Can Help With

• Age 50+ Mortgage Options.
• Age 60+ Mortgage Solutions including Lifetime Mortgages.
• Bad Credit Deals.
• Bridging Loans.
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• Secured Loans & Releasing Equity.
• Self-Employed Mortgages.
• All Purchase & Remortgage Deals.
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