The Spring Statement will be announced on Tuesday 3rd March, and here's why you should pay attention...
What is the Spring Statement?
The Spring Statement is one of the government's yearly announcements, alongside the Autumn Budget. It's delivered by the Chancellor of the Exchequer, Rachel Reeves, and provides an update on the current state of the UK economy, including economic growth, inflation and government borrowing.
Get ahead of the game
We can't predict what will be announced, but by speaking to a mortgage adviser you can lock in a deal today and protect yourself against any rate changes. This means, if things change for the better, we can find you another deal, or if things change for the worse, at least you already have a good rate secured.
Why you need to know about the Spring Statement
Even if politics isn't your thing, it's important to understand what could be announced on 3rd March as it could affect how much spare cash you're left with each month.
The government will discuss their plans for the next 12 months, including how taxes will be raised to support this, which ultimately affects how much money you get to take away each month (the bit we're all interested in, right?) Previously there has been change to things such as, childcare fees, pensions, Stamp Duty, all of which can make a difference to your finances.
What will be announced?
Nobody knows what will be announced until on the day. The last few announcements have been rather disappointing from a housing point of view, with very little change happening, but we'll have to wait and see whether that's the case again this time.
What we do know is that 2026 is shaping up to be a strong year. The Bank of England is predicting a gradual fall in the base rate, which could mean lower mortgage rates and more affordable borrowing for households. At the same time, the housing market is expected to pick up as we move further into 2026, with increased buyer confidence which should mean more property sales and steadier house price growth.
"It's unlikely we'll see any surprises"
Ben Thompson, Director of Home Moving Strategy at Mortgage Advice Bureau gives his opinion on the upcoming Spring Statement:
“It’s very unlikely we will get any surprises from the Spring Statement. It’s worth tuning into the inflation outlook to ensure it remains on track to reduce down to the magic 2% target. Realistically though, even if this moves up or down, the differences will be small, so if you’ve made up your mind that you need to move home, it’s probably best just to get on with it.”
Buying for the first time?
Even if the Spring Statement delivers no major shake-ups for the housing market, the real story of 2026 is the amount of different mortgage deals out there right now that supports both first time buyers and those needing to remortgage.
12-18 months ago, there was nowhere near as many diverse mortgage deals on the market. Now we’re seeing a range of mortgages to suit all types of buyers - including those who may have been turned down for a mortgage in the past.
Whether you’re currently renting, have a small deposit or no deposit at all, you’d be surprised to learn that there are options still available. Don’t be scared to speak to a mortgage adviser.
Looking to remortgage?
If you need to remortgage, rates could drop a little more this year but the likelihood is these changes have already been priced into the mortgage deals now on offer, so there’s no reason to put off remortgaging.
You can lock in a mortgage deal today and protect yourself from any rate rises that may happen. If mortgage rates drop, we can change your deal for a better one, so you really can benefit from having the best of both worlds!
What you can do now
While we can’t be certain about the Spring Statement, we have a wealth of resources to help you continue your mortgage journey with confidence - no matter which stage you’re at:
Check your affordability
Now’s a great time to get started and see how much you can afford. Chances are, you can borrow more now than you could six months ago due to lenders relaxing their criteria.
Mortgage Monitoring
No matter what happens, we’ll continue to monitor your current mortgage through our monthly Mortgage Monitoring home reports. We’ll explore the market and notify you when a better deal is available - giving you peace of mind you’re on the right deal, every month.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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