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Malcolm Davidson

Managing Director of UK Moneyman Ltd.

Malcolm Davidson

Malcolm is one of the UK’s most well-known and respected Mortgage Advisors. He is passionate about providing a 5* customer experience and he has also trained and mentored dozens of fellow Advisors in a career that is now in its third decade.

In addition to his day to day duties as Managing Director, Malcolm still gives out mortgage advice and feels lucky that his job is also very much his hobby.

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November 2023 – Temporary Increase to Stamp Duty Thresholds 📈

As first seen in our November 23rd 2023 market update newsletter.

The pre-Autumn statement rumours were running wild last weekend, the Chancellor even joked that if all of the rumours came true there’d be no taxes at all left! As it turned out, the Autumn statement was rather a damp squib for most people. Yes, we will be paying less National Insurance, but much of the benefit of that is wiped out by the freezes to the income tax personal allowances (aka “stealth tax”).

The opportunity to reform Stamp Duty was once again not taken up. It is a somewhat bizarre tax in that the buyer essentially pays tax on the gain made by the home seller! It is also a barrier for older people considering downsizing as they still have to pay Stamp Duty on their onward purchase. A tweak in this particular area could potentially free up some bigger properties onto the market for younger families to move up the ladder into.

The temporary increase in the amount that a purchaser pays before becoming liable for Stamp Duty remains at £250,000 and, as it stands, this is due to reduce back to £125,000 in March 2025. The £425,000 exemption for First Time Buyers is due to reduce back to £300,000 at the same time.

The Mortgage Guarantee Scheme has also been extended this week, this is excellent news for First Time Buyers as it gives Banks the confidence to lend with as little as a 5% deposit. Older readers will remember lots of times in the past when 95% mortgage were not available at all, so we shouldn’t take that for granted.

In summary, whilst there was no shot in the arm or turbo-charged artificial boost to the market, I would say it is functioning pretty well anyway. Fixed rate mortgages have dropped to an affordable level, Lenders are in the market to lend and we expect to see the usual bright start to the new year come January.

💼 How does the autumn statement affect later life lending (Age 60 to 90+) ?

With the long awaited Autumn statement turning out as a number of diluted measures making no useful impact for those suffering the worst of the cost of living crisis, perhaps the best takeaway for potential older borrowers is the preservation of the triple lock and a rise in the state pension which should hopefully help those having to, or choosing to, service the interest on their mortgage in retirement.

If you are concerned about affordability going forward in light of the chancellor’s statement, please get in touch to talk things through, it costs nothing to look at all the options available to you.

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About the Author

Malcolm Davidson

Managing Director of UK Moneyman LTD

Malcolm Davidson

Malcolm is one of the UK’s most well-known and respected Mortgage Advisors. He is passionate about providing a 5* customer experience and he has also trained and mentored dozens of fellow Advisors in a career that is now in its third decade.

In addition to his day to day duties as Managing Director, Malcolm still gives out mortgage advice and feels lucky that his job is also very much his hobby.

Learn More

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