Why This Matters If You're Buying or Remortgaging in Somerset
As a trusted mortgage broker near Yeovil, we know how tough it’s been for first-time buyers, self-employed applicants, and families with smaller deposits.
These changes could:
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Help more local people access affordable mortgages
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Encourage lenders to offer more competitive products
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Make the mortgage process more flexible and fair
But it’s still important to get expert mortgage advice tailored to your situation.
Need Help Navigating the Changes?
At Roff Financial, we offer:
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Access to 12,000+ mortgage products from over 90 lenders
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Friendly, honest advice from a local expert
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Free initial consultations, whether you're buying, remortgaging or need protection advice
We’re based between Martock and Stoke-sub-Hamdon, supporting clients throughout Yeovil, Crewkerne, Ilminster, and across the South West.
If you're looking to buy your first home or remortgage in 2025, the recent Mansion House speech by Chancellor Rachel Reeves could bring welcome news.
At Roff Financial, based near Yeovil, Somerset, we’re here to break down the key points and what they mean for our clients across the South West.
What Was in the Mansion House Speech?
In her speech on 15 July 2025, Rachel Reeves announced major changes aimed at boosting homeownership and making mortgages more accessible, especially for first-time buyers.
Here are the highlights that matter:
1. Lower Income Thresholds for Mortgage Eligibility
Previously, stricter affordability rules prevented many people from borrowing enough to get on the property ladder. These have now been relaxed:
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Singles earning £30,000+ and couples earning £50,000+ could now qualify for mortgages more easily.
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The lending cap has increased from 3.5x income to 4.5x, meaning buyers could borrow more.
👉 This could help 36,000 more people buy a home each year, including many right here in Somerset.
2. 95% Mortgages Made Permanent
The Mortgage Guarantee Scheme, which supports lenders offering 95% loan-to-value (LTV) mortgages, will now become permanent.
This means if you have a 5% deposit, lenders may be more willing to offer you a mortgage—great news for buyers with limited savings.
3. Rent Payments to Count Towards Mortgage Applications
In future, your rental payment history could be used as part of your mortgage application. This helps renters who have been paying regularly to prove they’re creditworthy—something we’ve long supported at Roff Financial.
4. Encouraging Growth, But With Caution
While the Chancellor aims to reduce regulation to boost the economy, there are concerns around risk. At Roff Financial, we always prioritise responsible advice, making sure you can afford your mortgage now and in the future.
Ready to See What You Could Borrow?
Speak to Luke Roff today for clear, expert mortgage advice.
With over 14 years’ experience, he’ll guide you through the new rules and help you find the right deal.
📞 Call us now
📩 Or book your free consultation online
Roff Financial – Honest, Friendly Advice.
Your local mortgage and protection specialist near Yeovil, Somerset.
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