Should I consider private medical insurance?

Life can be full of surprises. You can’t be prepared for everything. You may have some insurance to support you financially if the unexpected happens, but have you considered how private medical insurance might offer you and your family the peace of mind you need if your health takes a turn for the worst?

A growing trend
According to data published by The Telegraph, patients are opting for private healthcare in record numbers as the NHS is blighted by long wait times and strike action. ...

 

Christmas reflections: The mortgage headlines in 2025

Twinkly lights and trees are up, presents are being bought and wrapped, and the big man himself is getting ready to do the night shift. It can only mean one thing - Christmas Day is almost here and 2025 is quickly rushing towards its festive finale.

At this time of year, we naturally find ourselves looking back on the past 12 months, as well as what the future might bring. That is especially true for those interacting with the mortgage and property market, whether that’s home buyers, movers or those remortgaging.

So what were the key headlines and moments from 2025 and what should we be looking out for as head into 2026?

Stamp duty deadlines

Much of the focus at the start of 2025 centred around the changing of stamp duty thresholds, with key relief ending for movers and first-time buyers at the end of March. This naturally created a sense of urgency among buyers and movers as they looked to avoid additional costs and maximise their budgets – fuelling mortgage approvals and property transactions in the process. This certainly kicked off the year with a bang.

Thank you President Trump?

Despite stamp duty relief ending, the property market didn’t exactly go quiet. While a lull was expected as the cost to buy or move increased, May actually saw an increase in both mortgage approvals and property transactions. The same was true in June too.

A key driver at the time was lower mortgage rates – driven in part by none other than Donald Trump. The US President’s announcement of significant tariffs on its trading partners sent international markets into a frenzy. With the UK set to be impacted, financial markets predicted that the Bank of England would need to drive growth in response and speed up the rate of interest rate cuts. There was a growing confidence – including from the likes of the IMF - that the UK would see three cuts to the base rate in 2025.

This had a positive impact on swap rates - which help lenders determine the rates and pricing they can offer on their mortgage products. A base rate cut in May soon followed and only helped drive lender activity and competition. However, this expectation of accelerated interest rate cuts proved to be short lived.

A more cautious picture

Higher than expected inflation figures in June spooked the central bank and surprised financial markets. The Bank of England emphasised greater caution and the case for aggressive rate cuts became less straightforward. This forced markets to dial back their forecasts and expectations, shifting from three or four more cuts in the year, to just one or even two more. As a result, swap rates crept back up slightly and so did the mortgage rates on offer.

We did see a subsequent cut in August, bringing the base rate down to 4% - although this turned out to be a knife-edge 5-4 decision as the central bank had to balance rising inflationary pressures with the need to support the economy.

Budget hesitation

As we headed into September, the Government announced that the Autumn Budget would take place very late - right at the end of November. Ahead of the Budget, there was plenty of political kite flying and rumours being circulated – most notably, a potential overhaul of stamp duty which would see it replaced with an annual property tax on homes over £500,000.

With potential property tax changes being mooted, along with other reported tax rises and spending cuts, it naturally created some hesitation in the property market. With the chance to save some money, many of those who wanted to buy or move, naturally put their plans on ice. As we saw though, no such change to stamp duty was ever announced.

Improving inflation drives mortgage reductions

In recent months though, the market has seen a softening of fixed mortgage rates once again, driven in part by inflation likely peaking and subsequently improving – as well as increasing competition and speculation around the future path of interest rates. As of early December, some lenders have been offering two- and five-year fixed deals below the 5% mark, the lowest level since late 2022.

That shift signals renewed confidence among lenders that the base rate may well be heading downwards, or at least conditions are stabilising enough to support more competitive pricing. For borrowers, this presents an opportunity. For those shopping for around for a mortgage, it may be worth exploring what’s on offer to suit your needs and circumstances. In this situation, expert advice becomes absolutely critical in navigating an ever-changing mortgage market and exploring all the options available to you.

Product transfers outperform remortgages

Nowhere is that more true than those coming to the end of their fixed-rate deal. This year has been another high year of mortgage maturity – particularly among those coming off much more favourable COVID-era mortgage rates. Despite rates improving this year, payment shocks are still a very real reality for many borrowers.

With affordability remaining stretched among many borrowers, product transfers with existing lenders continue to be the primary route to refinancing – rather than a full remortgage with a new lender. According to UK Finance, product transfers have accounted for 82% of all mortgage refinancing so far this year. Although, it did recognise that this was increasingly due to the efficiency of a PT, rather than affordability concerns. With the help of an expert adviser, those set to remortgage can review both options and decide which best fits their needs and circumstances.

Looking ahead

With the Budget now out of the way, there is growing expectation that buyers and movers will push ahead with plans – perhaps scouting out their options over the festive break. This is particularly true with Boxing Day often being the busiest day for property searches via Rightmove.

Both buyers and movers will be buoyed by the early Christmas present from the Bank of England and another cut to the base rate. As swap rates react positively to this news, lenders will likely respond with more competitive fixed-rate deals, encouraging action among both buyers and movers. It will also be welcome news for those set to remortgage.

Combine these factors with increasing innovation and easing of affordability rules by lenders and the prospects for buying or moving in 2026 look promising. With the year nearly finished, now is the ideal time to reflect on your personal situation. Whether you’re looking to secure your first mortgage, planning to move, or getting set to remortgage, having a clear picture of your options is absolutely essential.

Seeking expert advice is a great way to explore all the options available to you, allowing you to make an informed decision based on your needs and circumstances. While we may not be able to predict 2026 with any real certainty, speaking to a qualified mortgage adviser now can help you plan ahead and be ready to make the right move when the time comes.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Approved by The Openwork Partnership on 16/12/25.

 

 

 

 

Autumn Budget 2025: Headlines for home buyers and sellers

After plenty of rumour and speculation, the Chancellor Rachel Reeves finally delivered the much-anticipated Autumn Budget. The fiscal event set out the Government's tax and spending plans as the Chancellor looks to plug a well-documented multibillion-pound black hole in the nation’s finances. The result was a range of tax rises totalling £26 billion, taking the UK’s tax burden to its highest ever level.

While tangible support for buyers and sellers was perhaps thin on the ground, there were several measures announced that will influence and impact the UK’s housing market. Below we break down the key takeaways from the Autumn Budget.

What was rumoured but NOT announced

New annual property tax - Ahead of the Budget, there was plenty of speculation about a new annual property tax on homes worth over £500,000. Initial rumours suggested rates starting at 0.54% and rising for homes over £1 million. This however did not feature as part of the Chancellor’s plans.

Changes to stamp duty – The annual property tax was supposed to replace stamp duty, and eliminate the tax on homes below this bracket entirely – however this did not come to fruition. Instead, the Chancellor decided to keep current arrangements intact. While some would have preferred reform or outright removal, at least there is stability and consistency.  

What was announced

New “mansion tax” on homes over £2 million – Instead of national property tax, the Chancellor opted for a so-called mansion tax on high-value properties. This annual surcharge, starting at £2,500 and rising to £7,500 for homes worth £5 million or more, will come into effect from April 2028.

It is a move that is likely to impact fewer than 1% of properties in England, according to the Treasury. Nonetheless, it will be an important consideration to those looking buy a new home in this bracket, or indeed trying to sell.

Higher tax on landlords – While the rumour of landlords paying National Insurance (NI) on their rental income did not materialise, the Chancellor did confirm that landlords will pay a higher rate of income tax – increasing by two percentage points. From April 2027, the basic rate will rise to 22%, the higher rate to 42%, and the additional rate to 47%.

According to the Office for Budget Responsibility (OBR), this change is likely to push up rents, adding further pressure on those saving for a deposit. In its economic forecast, the Office for Budget Responsibility (OBR) said the increase is likely to drive up the cost of rents – adding further pressure to those renters trying to save for a deposit.

A boost to planning – In more positive news, the Chancellor also announced £48bn of additional funding to increase capacity in the planning system and recruit more planning professionals. The move is designed to speed up the planning process and get more new homes built – helping the Government to deliver on its mission to build 1.5 million homes in this parliament.

Also important to know

While perhaps not directly relating to home buying or selling, the blockbuster Budget included a number of announcements that could impact household finances, affordability or prospects more broadly.

This includes:

• Increase in minimum wage – a move that will that mean pay rises for millions of people
• Two-child benefit cap scrapped – families will be able to claim universal credit or tax credits for additional children – instead of just their first two. Combined with wage increases, both measures could boost household income or disposable cash – supporting with saving or better managing household costs. Many lenders will also factor in key benefits into income and affordability calculations
• Tax thresholds frozen – The thresholds at which we pay more tax will remain frozen until 2031. This means that if you receive a pay rise, you could be dragged into higher tax bands
• Changes to savings – The amount you can save each year into a tax-free ISA has been reduced from £20,000 to £12,000 per year. It is designed to increase spending, but could impact some mortgage rates as savings deposits are often used by banks and building societies to fund new mortgages
• Uplift to benefits and pensions – In addition to some benefits, including all the main disability benefits, the state pension will increase in April. The state pension will rise by 4.8% in line with average wages. Although, the government did also scale back pension contributions through salary sacrifice schemes with employers.

In short, the Budget avoided additional punitive property taxes for many buyers and sellers – particularly those already in the market in modest family homes. This greater certainty around property taxes, as well as increasing sentiment around a potential cut to interest rates by the Bank of England in December, will all likely contribute towards an increase in confidence among potential buyers and sellers, and a potential increase in activity.

For working households, extending the freeze on tax thresholds may take more money out of future payslips and mean less disposable income to save or manage household costs. This could be offset though by an increase in benefits and the removal of restrictive child benefit caps for larger families.

What should you do next?

Now the Budget is delivered, those who were waiting and seeing can now get their plans back on track. Whether you’re looking to buy, move or to sell, an important place to start is to review your current circumstances and understand your own budget. A qualified mortgage and protection adviser will be able to support you in this process and help you work out where you currently are  and navigate the options that are most suitable for you.

Whether you’re a first-time buyer, a second-stepper, someone downsizing or a buy-to-let landlord, the mortgage market offers a range of options to support borrowers of all backgrounds and circumstances. The same is true for those set to remortgage too.

To really understand what the Budget means for you and your plans, there’s no better place to start than with expert advice and an appointment with your local mortgage adviser.

To book your appointment with a mortgage adviser, please get in touch here (tel no./ email address).

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Most buy to let mortgages are not regulated by The Financial Conduct Authority.

Approved by The Openwork Partnership on 27/11/25.

 

 

 

 

 

 

ISA allowance cut – Autumn Budget blog

 

 

What the ISA allowance change means for you — and how we can help

 

Following the Autumn Budget, the government has confirmed that from the 2027/28 tax year, the maximum amount you can pay into a cash ISA will be reduced from £20,000 to £12,000 if you are under age 65. Importantly, the overall ISA allowance will remain at £20,000, meaning the balance can still be used across other ISA types such as stocks & shares ISAs.

For many people, this is a significant shift. It reduces the am...