{"id":7116,"date":"2026-01-07T10:02:38","date_gmt":"2026-01-07T10:02:38","guid":{"rendered":"https:\/\/second-home.uk\/?p=7116"},"modified":"2026-01-07T10:02:38","modified_gmt":"2026-01-07T10:02:38","slug":"borrowing-after-the-budget-what-the-changes-mean-for-you","status":"publish","type":"post","link":"https:\/\/second-home.uk\/?p=7116","title":{"rendered":"Borrowing after the Budget &#8211; what the changes mean for you"},"content":{"rendered":"<p>After the turbulent and chaotic Autumn Budget, and the latest interest rate cut from the Bank of England, there\u2019s plenty to break down for mortgage borrowers. <em>Tanya Elmaz, managing director of intermediary sales at Together<\/em> has summarised what borrowers can expect going forward.<\/p>\n<p>Following a Budget full of tax rises, the pressing question for current and aspiring homeowners will be how the mortgage market stands to be affected. When it comes to making decisions on buying and selling, a favourable mortgage market is crucial, and house prices will fall and rise according to this.<\/p>\n<p>To the relief of many, most of the more radical changes to the property tax system which were floated ahead of the Budget \u2013 including an overhaul to Stamp Duty and Council Tax \u2013 were left alone.. That said, borrowers can also look forward to reduced rates in the near future following the Bank of England\u2019s December rate cut, as well as continued projected falls in inflation. However, left unaddressed, the same systemic issues in the current tax regime will persist, and we have a few additional changes which we need to be wary of.<\/p>\n<p><!--   \t\t  \t\t\t \t\t\t\tgoogletag.cmd.push(function() { googletag.display(\"div-gpt-ad-1715620536068-0\"); }); \t\t\t  \t\t  \t -->  \t <\/p>\n<p>One of these is the Mansion Tax, which affects properties valued at over \u00a32 million. The government won\u2019t carry out affordability checks, so lenders will need to factor this additional cost into mortgage assessments for homes above the \u00a32m threshold; the majority of these\u00a0 being in London and across the South of England. As high-value homes become less attractive due to the tax, house prices for middle-range properties will increase and new mortgage deals on these will become more costly as a result.<\/p>\n<p>Our research into consumer attitudes in the aftermath of the Budget found that a fifth of the UK public (21%) don\u2019t think it\u2019s fair that people who own properties worth more than \u00a32 million will now have to pay an extra new annual charge (the \u201cmansion tax\u201d), and this number is likely to increase once the wider impact on the mortgage market kicks in.<\/p>\n<p>So, for the most part mortgage borrowers should be able to breathe a sigh of relief but it\u2019s worth looking at your council bracket to see if you\u2019ll be directly affected by the Mansion Tax, or if it\u2019s something which might affect you down the line as house prices creep up.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After the turbulent and chaotic Autumn Budget, and the latest interest rate cut from the Bank of England, there\u2019s plenty to break down for mortgage borrowers. Tanya Elmaz, managing director of intermediary sales at Together has summarised what borrowers can expect going forward. Following a Budget full of tax rises, the pressing question for current [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7117,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Borrowing after the Budget - what the changes mean for you - Second Home<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertywire.com\/government-and-policy\/borrowing-after-the-budget-what-the-changes-mean-for-you\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Borrowing after the Budget - what the changes mean for you - Second Home\" \/>\n<meta property=\"og:description\" content=\"After the turbulent and chaotic Autumn Budget, and the latest interest rate cut from the Bank of England, there\u2019s plenty to break down for mortgage borrowers. Tanya Elmaz, managing director of intermediary sales at Together has summarised what borrowers can expect going forward. 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