LiveMore's comment on today's Budget announcement

30 October 2024

Please find below, comment from Simon Webb at LiveMore, the mortgage lender for the 50-90+ age group.

Simon Webb, managing director of capital markets and LiveMore, commented:

"The new Budget has introduced significant changes with potential implications for older borrowers, particularly those aged 55 and over who may be considering property purchases or equity release options to support their retirement. The Chancellor's focus on stability and growth in public finances, coupled with increased support for affordable housing, sends a clear message about the Government's commitment to addressing long-term economic challenges. However, for those nearing or in retirement, the adjustments to Stamp Duty and Capital Gains Tax will add an extra layer of consideration when planning for later-life financial stability. These changes may lead many older borrowers to rethink their property investments or inheritance strategies, especially with additional financial pressures on second homes and buy-to-let properties."

"Lenders now have a responsibility to offer clear, bespoke guidance to help this demographic navigate the new fiscal landscape. With the cost-of-living still impacting many over 55, a focus on providing transparent, responsive solutions will be critical in empowering older borrowers to make well-informed decisions about their financial futures amidst the evolving market dynamics. Tools like LiveMore’s Mortgage Matcher® can help intermediaries navigate the over 50 market more effectively, ensuring they find solutions that suit their specific client’s circumstances.”