As the dust settles on Chancellor Rachel Reeves’ Autumn Budget, the team at Skipton Building Society for Intermediaries met to discuss what her policies will mean for the mortgage market.
In partnership with Mortgage Solutions, Jen Lloyd, Skipton’s head of mortgage products and proposition, and Lucy Lewis, senior national account and first-time buyer lead, held a Budget masterclass, hosted by freelance journalist Samantha Partington, to unpack the details.
A poll posed by the team to gauge viewers’ opinions of the Budget revealed that more than 50% were underwhelmed by the announcements, but Lloyd said she was “cautiously optimistic” that further policies to benefit the market would be brought forward following the Budget.
Lloyd said: “There were clearly some positive elements [in the Budget] for our market, the most significant being the £5bn boost to the housing sector.
“There were some parts of the announcement from Rachel Reeves that were more divisive and could have real impact on the market, such as changes to stamp duty, National Insurance contributions [NICs] and minimum wage changes. I think it’s safe to say that it was a jam-packed Budget in general, but in terms of our own sector, some positive and some potentially concerning announcements.”
To hear Lloyd and Lewis’ views on all the Chancellor’s announcements, the direct and indirect impact they could have on brokers and borrowers, the impact on mortgage rates and the missed opportunities, watch the full webinar here.
Mind over mortgages: why we need to look after intermediaries’ mental health
Sponsored by Halifax Intermediaries
