Budget November 2025

Budget November 2025

27/11/2025

Yesterday’s budget took place amidst a bit of a shambles after the contents of the budget were leaked a few minutes before Kier Starmer stood up in parliament for Prime Minister’s Questions.

Most of the speculation around the budget did not come to pass and it was relatively tame in my opinion.

From a property perspective the main take was the increase in property income tax. Already landlords are hit pretty hard with the full rental amount being subject to tax after the ability to offset mortgage costs has been eroded away in previous years (up to 2020). Yesterday Rachel Reeves announced she was adding two percentage points to the income tax rate for basic, higher and additional rate taxpayers. Now the rates are 22%, 42% and 47% respectively.

I think this is another lever the government are using to discourage property investment and encourage home ownership. However there is still a real need for rental properties and I think this increase in tax will further deter new entrants to the market and will encourage more landlords away from the market.

 On top of this was a further blow if you run a limited company (like me!). The tax rate on dividends has also been increased by two percentage points for both basic rate and higher rate taxpayers to 10.75% and 35.75% respectively although no change for the additional rate. I don’t think this will change how lenders view business owners, affordability rates have gone up in recent months, meaning lenders will lend a bit more than they used to. I think this will remain the same for now.

Property and Council tax has seen some changes. There was a lot of speculation about the so called “mansion tax” and what actually transpired was not quite as bad as many had feared. It is not a huge money raiser really as it will affect less than 1% of properties so more of a political point than an economical one.

From 2028, an annual council tax surcharge will apply to high-value properties. Four new bands will be introduced with charges ranging from £2,500 for a property valued in the £2 million - £2.5 million range, up to £7,500 for a property in the highest value band of £5 million or more. So at the moment we have the outline plan and more detail will follow in the next two years before it comes into force. This surcharge will be in addition to the standard council tax charge already levied. On balance I think this is unfortunate for those who have owned a property for a long time and the value has increased due to location. However the chances are that for the vast majority of homeowners in this bracket the additional charge will be affordable. It doesn’t make it fair necessarily but then we could say that about all taxes!

Interestingly I read earlier this week that some property experts were not happy about the annual ISA allowance being changed. I agree this is a bit of a strange one in that the Cash Isa annual allowance has been reduced to £12,000 although overall the ISA allowance is still £20,000 (with the remaining £8,000 being able to be allocated to stocks and shares).

The stories I read were that this policy could be viewed as discouraging people to save for their first home deposit. The theory being that if you are saving for a deposit in a home you want the funds to be in “safe” investments i.e. cash. You also want these savings to be accessible ready for your potential house purchase. Therefore this policy was being seen as discriminatory towards first time buyers who may be unwilling to put s apportion of their deposit savings in more risky investments. It is a theory I guess but to be honest I can’t see this making a huge difference. I don’t really understand the policy except that presumably savings that would be getting interest paid free of tax will in the future be getting taxed at rates starting at 22%.

Other headlines are:

• No change to CGT main rates or annual exemptions.

• Business Asset Disposal Relief (BADR) unchanged.

• The agricultural and business relief allowance becomes transferable between spouses from April 2026, bringing it in line with other inheritance tax policies.

• The £325,000 nil-rate band and residence nil-rate band remain unchanged but have been frozen a further year until 2031.

• No changes to Stamp Duty Land Tax or the pension triple lock. 

• Employer National Insurance threshold freeze extended to 2031

I hope this is useful, please remember I’m a mortgage broker and not an economist and any opinion noted above is purely my own!

Talk to our professional team about buying your next home to help you feel prepared to get your next mortgage. Please contact The Surrey Mortgage Broker – telephone 01252 759233– email richard@thesurreymortgagebroker.co.uk

Is your new home gas safe?

Incorrectly installed appliances can cause carbon monoxide poisoning, gas leaks, fires and explosions

 There’s no off-season when it comes to gas safety, but it’s important to know that seasonal gas safety is very much a thing. Winter is typically the time of year most people think about it. As the temperatures plummet and frost forms on the car it’s the time when the heating gets turned up to the max and your gas appliances are put under the most stress.

 Once the cold weather sets in, lots of us use our gas boilers and gas fires to keep our families safe and warm. This increased usage can put extra pressure on your appliances and leave them at risk of breaking down when you need them the most.

 Gas safety should be always be on your checklist

 As a new homeowner, gas safety should always be on your checklist when it comes to ensuring the safety of your home. Gas appliances are typically safe and reliable when used correctly; however, small problems can quickly become large ones if they're not handled promptly.

 As soon as you can, find out where your gas Emergency Control Valve is located, so you can quickly switch the gas supply off in an emergency. In newer houses, the emergency control valve is normally outside with the gas meter – in a meter box. If it’s not there, try looking under the stairs, beneath the kitchen sink or in the garage.

 Regular servicing helps keep energy bills down

 Ask the sellers for all records they have about installation, maintenance and safety checks for their household’s gas appliances and gas pipework. And if they can’t provide a record, or it’s been more than 12 months since the last check, get in touch with a local Gas Safe registered engineer who can carry out a safety check for you.

 Regular maintenance and inspections of your gas systems and appliances will help keep them running safely. Additionally, regular servicing helps keep energy bills down by making sure that the appliance is working at its most efficient level.

 Engineer registered with the Gas Safe Register

 It’s important to remember that any gas appliance must be installed and serviced by an engineer registered with the Gas Safe Register – this includes boilers, cookers, ovens and hobs. An engineer registered with the Gas Safe Register will carry out a thorough check of the appliance and its ventilation system to make sure it's safe to use. They’ll also issue you with a Gas Safety Certificate upon completion of their inspection.

 The certificate is essential for verification that your gas appliances are safe to use. It may be wise to include this checklist item in your regular maintenance routine when moving into a new home. Ensuring gas safety in your home could potentially save lives – so never underestimate the importance of checking for gas safety within your property!

 Qualified engineer in your local area

 If you’re not sure who to call when it comes to gas safety, The Gas Safe Register website has a handy search tool to help you find a qualified engineer in your local area. As an added reassurance, all engineers registered with the Gas Safe Register carry an ID card which proves their identity and registration status – so make sure you ask for this before any work starts.

 For more information on how to stay gas safe in your home, as well as to find a local Gas Safe registered engineer in your area, visit www.GasSafeRegister.co.uk or call 0800 408 5500. Following these simple steps can help ensure that your home is safe from any potential gas-related problems – leaving you free to enjoy your new home!

Looking for mortgage advice for your next home?

If you’re moving to your next home you’re likely to take out a new mortgage. Talk to our professional team about buying your next home to help you feel prepared to get your next mortgage. Please contact The Surrey Mortgage Broker – telephone 01252 759233– email richard@thesurreymortgagebroker.co.uk

Top Things To Do In Farnham

This month marks 20 years since I moved to Farnham. It is the longest I have lived anywhere and I thought it an appropriate time to write a piece about the town that I have grown to love over the last 20 years.

My family moved here, like many others, after living in South London for 9 years. I am originally from Lancaster and moved to London age 21 full of a naïve sense of adventure! My wife and I were married in 2000 and our first child was born in 2003. We loved living in London and had a great community where we lived in Colliers Wood, SW19. However when Ellie was born we decided to start looking for a move out of London. I had worked for the Woolwich Building Society before it was taken over by Barclays and I covered Farnham branch, which was on Downing Street and is now a bookmakers. I recall it being a nice place so one weekend we had a drive out here and thought “yes we could live here”.

Farnham is a very pretty town and is surrounded by some lovely countryside and once we had found a place to live we started exploring. So in no particular order here are some of the best things about the town from the last 20 years of living here.

The Great Outdoors

 We are so lucky in Farnham to be surrounded by some lovely countryside. If you like to get out and about there is something for all ages and abilities.

 ·       Alice Holt Forest https://www.forestryengland.uk/alice-holt-forest

Loads of paths and trails for walking and cycling. Great play areas for the kids. Go Ape also have a base here for the adventurous among you. Also home to Parkrun on a Saturday morning.

·       Waverley Abbey https://www.english-heritage.org.uk/visit/places/waverley-abbey/  Ruins of a Cistercian monastery dating back to 1128

·       Bourne Woods https://www.forestryengland.uk/bourne-wood-farnham

Beautiful woods very close to Farnham which is now often used as a film location, the first was Gladiator back in the 1990’s since then it has been used in various movies and TV shows including War Horse, Harry Potter, Avengers, Transformers and Robin Hood.

·       Farnham Park https://www.farnham.gov.uk/things-to-do/getting-outside/parks-and-gardens/farnham-park/

A 130 hectare deer park just a short walk from the town centre, a stroll down the one kilometre tree lined Kings Avenue is a must. Great views over the town are to be had on a clear day.

Farnham Castle

 The former home of the Bishop of Westminster, Farnham Castle is steeped in history. The keep dates back over 900 years and the castle has hosted English monarchs from King John to Queen Victoria. Now a top wedding venue as well as conference centre. You can also enjoy tours if you like a bit of history. https://www.farnhamcastle.com/

Hospitality

 I would say Farnham is bucking the trend at the moment and hospitality is thriving. There are a great selection of pubs and restaurants to choose from. Recently two new gastro pubs have opened up in the town centre, the Tellers Arms and the Third Monkey offering high end gastro pub dining experiences. Personal favourites are the Castle Inn on Castle Street and the Queens Head on the Borough. If you like a beer then a craft beer house has opened on the borough called The Borough Beer House, a simple name that does what it says on the tin. There are loads of pubs to frequent in Farnham and I don’t have a bad word to say about any of them, I have conducted quite a lot of research over the years in this area and can say Farnham is great for pubs!

Lion and Lamb Yard

 This is a little gem of a street. Nestled off West Street through an archway you’ll find the super pretty Lion and Lamb yard. Along the cobbled, traffic free street you’ll find coffee shops, restaurants, the wonderful wine yard and various boutique shops. In warmer weather it is a real treat, with outdoor seating at the cafes and restaurants there is a really good atmosphere. It is a must visit when you come to Farnham.

Farnham Town Football Club

 IN recent years the local football team has seen some investment and this has resulted in real success as the climb the ranks of the football pyramid. Having been there on a couple of occasions I can vouch that the standard is good and it is a really family friendly club with a great atmosphere. Well worth a follow if you like your football https://www.ftfconline.com/

Farnham Rugby Club

 I cannot mention the football without mentioning the rugby club. Like the football team the rugby team has won recent accolades and can boast to be the home club of Jonny Wilkinson, England’s 2003 Rugby World Cup hero! https://www.farnhamrugby.org/

Farnham Business Community

There is a thriving local business community where there are various events small businesses can attend and network with other small businesses. Over the years The Surrey Mortgage Broker has managed to establish itself as the top-ranked mortgage broker in Farnham based on Google rankings. Having amassed 145 five star Google reviews at the time of writing that is something we are very proud of here at the Surrey Mortgage Broker.

I’m sure I could continue as there are bound to be things I’ve missed but I hope this has given you a little insight into the beautiful town of Farnham, if you are thinking of moving here then I can heartily recommend it! Of course, we would be happy to discuss your needs here at The Surrey Mortgage Broker, just get in touch!

Helping the Next Generation: How Parents Can Support Their Children Onto the UK Property Ladder

Buying a property in the UK is not a transaction but a stage of life. This stage can be even longer and more daunting, especially as government policies constantly shift.

For many families, the solution has come through intergenerational support. More than ever, parents are stepping in to help their children take that all-important first step toward home ownership. But the ways in which parents can help can go far beyond simply gifting a deposit.

What Are The Practical Ways Parents Can Help Their Children Buy a Home?

1.       Encourage Saving Through a Lifetime ISA (LISA)

One of the simplest and most impactful ways for parents to support their children early is to encourage them to open and consistently contribute to a Lifetime ISA (LISA).

How it works:

• Children aged 18 to 39 can open a LISA.

• They can deposit up to £4,000 per year, and the government will add a 25% bonus (up to £1,000 per year).

• The funds can only be used to purchase a first home valued up to £450,000 or for retirement after age 60.

• The LISA must be open for at least 12 months before it can be used for a house purchase.

 2. Support the Deposit – Not Just With Gifts

The most common route for parental support is to gift a deposit and it is accepted by a vast majority of lenders, but this isn’t the only method — and sometimes it isn’t the most suitable one either. Not all parents are in a position to give away savings permanently.

Below are the two examples of how lenders are able to add flexibility to the arrangement.

• Gen H Deposit Boost gives helpers the choice between an interest-free loan (repaid at face value) or an equity loan (returns vary with property value). Repayment is flexible, and the arrangement can be converted to a gift at any time. Gen H manages the legal structure and repayments, offering flexibility for both parties.

• Barclays Family Springboard Mortgage requires the helper to lock away 10% of the property value in a Barclays account for five years. The helper earns interest, and the money is returned if the buyer keeps up with payments. The helper’s money is at risk if the buyer defaults, and the funds are not accessible during the lock-in period

• Buckinghamshire BS allows parents to help their children purchase a property by offering an equity charge on their property as a deposit

3. Become a Joint Borrower Without Ownership (JBSP)

Some lenders offer a Joint Borrower Sole Proprietor (JBSP) mortgage, where a parent helps with affordability but does not go on the deeds. This means:

• The child is the sole legal owner

• Parents help "boost" income for affordability

• There are usually no Stamp Duty implications for the parent

While there are a few lenders that are able to offer this product, Gen H and Saffron are the top 2 lenders that will allow longer terms on the mortgage even if a joint borrower is much older. 

Mortgage lending criteria are constantly evolving. New products come to market frequently, especially for first-time buyers and family support structures.

As an independent, representative of the whole of market mortgage brokerage company we can:

• Help you explore all your options, not just the big banks

• Ensure that the structure of support fits your financial goals

• Guide you and your children through the entire application process

For a more detailed conversation of your circumstances, please don’t hesitate to get in touch.