The Autumn Statement 2023 did not reshape the mortgage market overnight. Instead, it gave the market something quieter but still important: time.

For buyers with smaller deposits, time matters. It can affect whether a lender keeps offering 95% loan-to-value mortgages. It can affect whether a first-time buyer can keep saving while prices, rent and rates keep moving. It can also affect whether a homeowner feels confident enough to move.

This guide explains what the Autumn Statement 2023 meant for mortgages, housing policy and buyer planning at the time.

At a Glance

• The Autumn Statement 2023 was delivered on 22 November 2023.
• The Mortgage Guarantee Scheme was extended to 30 June 2025.
• The scheme supported 95% loan-to-value mortgages for eligible buyers.
• The maximum property value under the scheme was £600,000.
• No major Stamp Duty change was announced.
• Lifetime ISA rules were not changed for first-time buyers.
• The government also signalled planning and property technology changes.
• The key mortgage message was access, not cheaper borrowing.

What Was The Main Mortgage Announcement?

The main mortgage announcement was the extension of the Mortgage Guarantee Scheme.

At the time, the scheme was due to close to new mortgage applications on 31 December 2023. The Autumn Statement extended it by 18 months, taking the closing date to 30 June 2025.

The purpose was practical. It aimed to support lenders that offered mortgages to buyers with smaller deposits. In simple terms, the scheme gave participating lenders a government-backed guarantee on part of the mortgage risk.

That point is important.

The scheme did not pay a buyer’s deposit. It did not remove affordability checks. It did not mean every applicant would be accepted.

Instead, it helped keep 95% loan-to-value mortgages available in the market.

For borrowers, that meant some buyers could still look for a mortgage with a 5% deposit, subject to lender criteria, affordability, credit history and property type.

You can read the official announcement in the UK Parliament statement on the Mortgage Guarantee Scheme.

How Did The Mortgage Guarantee Scheme Work?

The scheme supported participating lenders that offered mortgages between 91% and 95% loan-to-value.

Loan-to-value, often called LTV, compares the mortgage amount with the property value.

For example, a buyer purchasing a £250,000 home with a £12,500 deposit would need a £237,500 mortgage. That would be a 95% LTV mortgage.

From a lender’s view, higher LTV lending carries more risk. If property values fall, there is less equity in the home. If the borrower later falls into arrears and the property is repossessed, the lender may face a higher loss.

The government guarantee was designed to reduce part of that lender risk.

That is why the announcement was technical rather than emotional. It was not simply about helping buyers feel hopeful. It was about keeping a route open within lender risk models.

Hear From the Industry Leaders

Tomer Aboody, Director of MT Finance, commented that the Chancellor “might be holding back some further help, particularly for the property market, until his next budget.” He continued, “This would provide a further boost to the economy and potentially offer a last chance to increase support before the general election.” Aboody added, “This was a positive statement which will hopefully help the many.”

Nick Leeming, Chairman of Jackson-Stops, noted that the limited focus on housing “provided an important platform for the new Housing Minister, the second in less than a year, to make a difference to the property sector.”

Mark Harris, chief executive of SPF Private Clients, added: “A more fluid housing market is good for the economy, and more needs to be done to stimulate activity.  

Mark Harris, Chief Executive of SPF Private Clients, echoed these concerns, stating, “A more fluid housing market is good for the economy, and more needs to be done to stimulate activity.” He added, “With one more Budget in the spring and possibly another Autumn Statement before a General Election, the Chancellor may be keeping his powder dry on the housing market, but we urge him to take action next time around.”

Key Takeaway

While the Autumn Statement may not have introduced major housing reforms, many believe it left the door open for future support. As conversations continue, homeowners and first-time buyers should prepare for potential changes in 2024.

Who Could The Scheme Help At The Time?

The scheme could help buyers with a smaller deposit who still pass lender checks.

This included first-time buyers and existing homeowners moving home. The property had to meet scheme and lender rules. The purchase price also had to be within the scheme limit of £600,000.

However, buyers still needed to prove affordability.

A 5% deposit may open a door, but income, outgoings, debts, credit conduct and future payment stress still matter. Lenders also consider the property itself, including valuation, construction type and saleability.

For buyers comparing low-deposit options, our First-Time Buyer Mortgage guide explains the wider mortgage journey.

Why The Announcement Mattered In Late 2023

Late 2023 was a difficult time for many buyers.

Mortgage rates had risen compared with the very low-rate years before 2022. Rent costs were high in many areas. Inflation had also affected household budgets.

In that setting, the deposit became more than a savings target. It became a test of financial resilience.

The Autumn Statement 2023 did not remove those pressures. However, the Mortgage Guarantee Scheme extension helped maintain confidence in the availability of high-LTV mortgages.

That mattered because mortgage markets rely on confidence. Buyers need to know products may exist. Lenders need to know risk can be priced. Advisers need to compare options based on criteria, not headlines.

What About Home Movers?

The scheme was not only relevant to first-time buyers.

Home movers with limited equity could also be affected. For example, someone moving after a short period of ownership may not have built a large deposit through equity growth.

In that situation, access to higher-LTV lending could help. However, moving home still requires a full review of affordability, sale price, purchase costs and future mortgage payments.

A buyer moving from one property to another should also consider legal fees, valuation costs, removal costs and Stamp Duty where applicable.

Our Moving Home Mortgages page explains how mortgage planning can fit into a move.

What About Remortgaging?

The Autumn Statement 2023 was also relevant to homeowners approaching the end of a fixed rate.

A remortgage is not always about borrowing more. Sometimes, it is about finding a new product before a current deal ends.

However, borrowers with limited equity may have fewer product choices. LTV bands can affect rates, lender options and product availability.

For example, a borrower at 95% LTV may face a different product range from someone at 75% LTV. That difference can affect monthly payments.

Homeowners reviewing their options can read our Remortgage guide.

Were There Changes To Stamp Duty?

No major Stamp Duty change was announced in the Autumn Statement 2023.

That was important because some buyers had expected possible changes before the statement. Without a new Stamp Duty measure, buyers still needed to plan around the existing cost structure.

Stamp Duty can affect deposit planning because it is usually paid alongside other purchase costs. It is not normally added to the mortgage in a simple way.

Buyers should check the cost before making an offer. Our Stamp Duty Calculator can help estimate the likely amount.

Were Lifetime ISA Rules Changed?

Lifetime ISA rules were not significantly changed for first-time buyers in the Autumn Statement 2023.

This mattered because some buyers had hoped for a higher property price limit or changes to withdrawal rules.

For many first-time buyers, the Lifetime ISA remained useful. However, it still had limits. Buyers needed to understand the property price cap, withdrawal rules and timing before relying on the funds for completion.

The wider lesson was simple. A savings product can help, but it does not replace mortgage affordability.

What Was Said About Planning And Housing Supply?

The Autumn Statement also pointed toward possible planning changes.

One proposal was to consult on the expansion of permitted development rights. The idea was to make it easier, in some cases, to convert a house into two flats without changing the exterior of the property.

For the mortgage market, this was not a direct change in lending.

However, it could matter to landlords, developers, and homeowners considering property use. Any conversion may still involve planning rules, building regulations, lease issues, valuation questions and lender consent.

This is where the technical detail matters. A property may look suitable, but a lender will still consider the security, use, title, rental demand and exit strategy.

What About Homebuying Technology?

The government also referred to investment in property technology and digital property data.

This was not a change to a mortgage product. However, it reflected a long-running problem in the UK property market: transactions can be slow, fragmented and document-heavy.

A faster buying process can help buyers, sellers, brokers, solicitors and lenders. However, technology only works when the information is accurate.

For buyers, the principle is clear. Better data may speed up a transaction, but it does not remove the need for advice, checks and lender approval.

What Should Buyers Have Taken From The Autumn Statement 2023?

The Autumn Statement 2023 did not create a simple answer for every buyer.

It offered support for the supply of low-deposit mortgages, but it did not change the fundamentals of mortgage approval.

Buyers still needed to consider:

• Deposit size
• Income and employment status
• Credit history
• Existing debts
• Monthly affordability
• Property value and condition
• Future payment risk
• Legal and tax costs

The most useful lesson was not that buyers should rush. It is that buyers should understand the numbers before they act.

Our Quick Mortgage Calculator can help you estimate borrowing before speaking with an adviser.

Historical Note For Readers

This article explains the Autumn Statement 2023 and its mortgage impact at the time.

The 2021 to 2025 Mortgage Guarantee Scheme later closed to new applications on 30 June 2025. A new permanent Mortgage Guarantee Scheme was introduced in July 2025.

That means this page should be read as a historical guide to the 2023 announcement, not as a live product availability page.

Mortgage products, rates and lender criteria change often. Buyers should check current options before making a decision.

When Should You Speak To A Mortgage Adviser?

You may want to speak to a mortgage adviser if you have a smaller deposit, complex income or uncertainty about affordability.

A policy announcement can explain the direction of travel. It cannot tell you whether a specific lender will accept your application.

That depends on the detail.

An adviser can help compare lender criteria, product options, affordability rules and timing. This is especially important for first-time buyers, home movers and borrowers reviewing high-LTV options.

To discuss how policy shifts could affect your homeownership journey, “Find Mortgage Advisers” for tailored guidance.

FAQs

What was the main mortgage point in the Autumn Statement 2023?

The main mortgage point was the extension of the Mortgage Guarantee Scheme. It kept the scheme open to new accounts until 30 June 2025.

Did the Autumn Statement 2023 make mortgages cheaper?

No. It did not directly cut mortgage rates. It aimed to support the availability of low-deposit mortgages through participating lenders.

What is a 95% LTV mortgage?

A 95% LTV mortgage means the mortgage covers 95% of the property value. The buyer usually provides a 5% deposit.

Did the Mortgage Guarantee Scheme remove affordability checks?

No. Borrowers still had to pass lender affordability checks, credit checks and property assessment.

Did Stamp Duty change in the Autumn Statement 2023?

No major Stamp Duty change was announced. Buyers still needed to plan for Stamp Duty under the rules applying at the time.

Was the Lifetime ISA changed?

No major Lifetime ISA change for first-time buyers was announced in the Autumn Statement 2023.

Is this information still current?

The article explains the position at the time of the Autumn Statement 2023. The 2021 to 2025 Mortgage Guarantee Scheme has since closed to new applications.