By John Phillips, CEO, Just Mortgages 

For families watching the Budget, the biggest question is often the simplest: what will this mean for us? 

Will there be a little more left after the bills? Will buying a first home feel more achievable? Can we start planning our next move with greater confidence? 

The Chancellor’s promise of breathing space today and fresh hope for the future speaks to those concerns. And while one Budget can’t remove every financial pressure, I believe there are reasons to feel cautiously hopeful. 

The real test is how these announcements translate into everyday life. 

A little breathing space for families 

The Chancellor has announced a £100 energy payment for households in council tax bands A to D, alongside an extension of the cut to VAT on electricity until July 2027. The existing 5p fuel duty cut will also continue until July 2027. These measures offer some support with costs that many families have little choice but to meet. 

There are longer-term changes planned too. The Government intends to remove gas standing charges in 2027, or as soon as possible afterwards. However, the costs will move into the price paid for gas used, so the effect will depend on consumption. This should not be read as a guaranteed saving for every household. 

For a family balancing mortgage payments, childcare, food and energy bills, even modest support can matter. It may help ease an immediate pressure or create a little more room to plan. 

But I also recognise that many households will still be making difficult choices. Breathing space is welcome; lasting financial confidence takes more. 

Fresh hope for first-time buyers 

For people trying to buy their first home, saving a deposit while paying rent remains a significant hurdle. 

The Government’s previously announced Your First Home proposals aim to address that barrier in England. The scheme is expected to support eligible first-time buyers purchasing a new-build home from a participating developer with a 2.5% deposit and a 20% government-backed equity loan, initially interest-free. Household income and local property price caps will apply. 

I welcome the intention to help buyers who cannot rely on financial support from family. Homeownership should feel like a realistic ambition for people building their future through their own earnings and savings. 

However, a smaller deposit is only part of the picture. Buyers also need to understand the mortgage repayments, the equity loan’s repayment terms and any future charges. The full rules and launch timetable will be essential before anyone can judge whether the scheme suits them. 

This is where a mortgage broker makes a difference 

A Budget announcement can create possibilities. A broker helps you understand what those possibilities mean for your circumstances. 

For a first-time buyer, that starts with looking at your income, spending, savings and credit commitments to establish a realistic budget. It also means explaining the options available, checking eligibility and helping you understand the full cost of buying and owning a home. 

An equity loan still needs to be repaid. A lower deposit does not guarantee mortgage approval. Those are important conversations to have before committing to a property. 

For existing homeowners, advice matters just as much. If your fixed rate is coming to an end, your family is growing or your income has changed, a broker can review your options and explain the balance between monthly payments, fees, mortgage term and overall cost. 

The aim should be a mortgage that fits your life and leaves room for the other things your family needs. 

Turning hope into a practical plan 

My message after these announcements is to use this moment to take stock. 

You don't need to have found a property, saved your entire deposit or reached the end of your mortgage deal before speaking to a broker. An early conversation can help you understand where you stand and what steps could move you forward. 

I’m hopeful about measures that recognise the pressures families face and the barriers holding back first-time buyers. That hope comes with a clear expectation: support must be practical, understandable and sustainable. 

If the Budget has prompted questions about your first home, your next move or your current mortgage, our large network of Just Mortgages advisers is here to help. That includes specialist new-build and shared ownership advisers who can explain these routes to homeownership and help you understand whether they could suit your circumstances. 

Whatever stage you are at, speaking to a broker can help turn questions into a practical plan - and give you greater confidence about your next step. 

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