Written by Kevin Roberts, Managing Director, Legal & General Mortgage Services

Beyond some small changes to Stamp Duty, this latest Budget contained little in the way of major updates for most of the mortgage market, offering some welcome respite from the volatility that followed the last fiscal announcement. The exception to this is the buy-to-let market, which was already feeling the effects of rising mortgage rates.

The new changes to capital gains tax, will add further pressure to landlords and we are likely to see more rental properties put up for sale. A greater supply of housing for buyers will definitely be welcomed by some, but this could prove a painful development for renters. The rental market is already suffering from a lack of stock and rising rents. This is an area of the market that needs more government attention and this latest Budget offered little in the way of relief for renters worried about the cost of living this winter.


The near-constant changes in the mortgage market can also make borrowing seem a daunting prospect, especially at a time when so many are already carefully scrutinising their expenditure. Any potential borrowers left worried or confused by yesterday’s announcement, and specifically what it means for their finances, could benefit greatly from speaking with an expert adviser. A good adviser will be able to talk through all the available options and help find a solution that works for each individual.

To be able to support these customers, advisers must have clear guidance from mortgage lenders on the products that are currently available and the options each lender can provide. Good and frequent communication will be key. We all know the financial pressure many would-be borrowers are under, and this is an opportunity for the mortgage industry to work together, to show we’re serious about financial inclusion and to shape the future of our sector.

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