Call us
01242 697821

Blogs

Keep up to date with the latest news and our guides on all things mortgages. 

A couple months on, we reflect what could the recent election change mean for you

As we all know, predicting which election promises will become reality is no easy task! However, we’ve outlined a few pointers to help you understand how the new government might bring changes that could affect you.

Labour has come to power with a landslide majority, while interest rates remain high, and house prices and property sales continue to rise. Sir Keir Starmer delivered his first speech outside Number 10 after Labour's general election win, emphasising the need for more affordable homes.

Labour has announced that stamp duty will revert to £300,000 from the current temporary level of £425,000 in April next year. On the other hand, Labour has stated it will make it easier to secure a deposit through a 'Freedom to Buy' scheme. Prior to the election, labour pledged to help 80,000 young people onto the housing ladder over the next five years and to a version of the current mortgage guarantee scheme – due to expire in June 2025 (details to be confirmed).

Similar to the mortgage guarantee scheme, Labour plans to incentivise lenders to offer high loan-to-value (LTV) mortgages by acting as a guarantor for prospective first-time buyers who cannot afford a large deposit.

For overseas buyers, the Labour manifesto proposes implementing an extra 1% stamp duty surcharge. Currently, 68,800 individuals living in the UK are non-domiciled and do not pay tax on their worldwide income.

Regarding the non-domiciled rules, Nimesh Shah, Chief Executive of tax advisory specialist Blick Rothenberg, commented: “There has been more backlash than expected, and there is a suggestion that Labour may be willing to engage in a new policy approach, which could mean the introduction of the new regime being delayed. However, we don’t yet know Labour’s stance on improving the current proposals, which are in need of substantial revision.”

Labour has also pledged to deliver 1.5 million new houses over the course of the next Parliament. However, there are challenges with green belt issues and strict planning departments.

Housebuilding is demand-led and driven by economic cycles, rather than the planning system. Labour intends to take early action to change the National Planning Policy Framework and restore housing targets. However, private house builders will still be expected to deliver homes based on demand and at market value.

The Labour Party plans to revive the abandoned Renter’s Reform Bill, aiming to end no-fault evictions and also to end bidding wars.

They are, however, adopting a more pragmatic approach to leasehold reform, pulling back on earlier plans to abolish the leasehold system within the first 100 days.

While Labour has ruled out a formal “Wealth Tax,” revenue will be raised through other means. It is anticipated that private schools will be charged VAT (likely from September 2025), and we are yet to see how other taxes might rise.

As with any new Government only time will tell what will come next for our collective finances.  

Sources:

https://moneyweek.com/investments/property/labour-election-impact-on-property-market

https://www.knightfrank.com/research/article/2024-07-05-a-labour-victory-what-does-it-mean-for-the-uk-property-market

Related

Gifting A First-Time Buyer? Maybe Equity Release Will Help

Gifting A First-Time Buyer? Maybe Equity Release Will Help

You might have heard of equity release, but did you know it’s a practical and increasingly common w...

Read More >
Why Protecting Income Matters More Than Ever

Why Protecting Income Matters More Than Ever

We read something shocking recently. Recent figures show that around 40% of UK adults have less than...

Read More >
What Does the Change In Base Rate Mean for Your Mortgage In 2026?

What Does the Change In Base Rate Mean for Your Mortgage In 2026?

As of early 2026, the base rate has been cut to around 3.75%. It’s the lowest it’s been in nearly ...

Read More >
Is Your Protection Still Fit for Purpose? January is the Time to Review Income & Life Cover

Is Your Protection Still Fit for Purpose? January is the Time to Review Income & Life Cover

January is often when people take a step back and look at their finances with fresh eyes. Once the f...

Read More >
Autumn Budget 2025: What Homeowners and Buyers Should Know

Autumn Budget 2025: What Homeowners and Buyers Should Know

Delivered by Chancellor Rachel Reeves on 26th November, the 2025 Autumn Budget brings a mix of new c...

Read More >
Take The Stress Of Christmas With Equity Release

Take The Stress Of Christmas With Equity Release

The festive season can be magical. But honestly, we are speaking to so many of our clients, and the ...

Read More >

What our clients say...

Stay Informed: Mortgage Tips & Trends

When Your Health Insurance Policy Is Due for Renewal – And What Happens Next

In the UK, most private health insurance policies renew annually, usually on the anniversary of your...
Read More

Heading Away this Winter? Protect Your Home and Car While You’re Gone

Are you one of the lucky ones heading abroad this winter? Whether for a skiing trip or basking in so...
Read More

Gifting A First-Time Buyer? Maybe Equity Release Will Help

You might have heard of equity release, but did you know it’s a practical and increasingly common w...
Read More

Why Protecting Income Matters More Than Ever

We read something shocking recently. Recent figures show that around 40% of UK adults have less than...
Read More

What Does the Change In Base Rate Mean for Your Mortgage In 2026?

As of early 2026, the base rate has been cut to around 3.75%. It’s the lowest it’s been in nearly ...
Read More

The January Money Reset Quiz

Be honest, January arrives, the decorations come down… and suddenly the credit card statements arri...
Read More

Small Tweaks, Better Balance

January is a natural time to get organised. Budgets are under review, paperwork is being sorted, and...
Read More

A New Year Perspective: How Equity Release Could Support Your Future Goals

January is often a time for reflection and forward planning. For homeowners in later life, it can al...
Read More

Is Your Protection Still Fit for Purpose? January is the Time to Review Income & Life Cover

January is often when people take a step back and look at their finances with fresh eyes. Once the f...
Read More

Does Your Health Insurance Still Reflect Your Life Today?

January has a habit of making us take stock. New diaries, fresh plans, and a quiet promise to be a b...
Read More


Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


  • Back to top