As the Chancellor prepares to deliver the Spring Statement on March 3rd, many homeowners will be asking a simple question: will this affect my mortgage? Ben Thompson, Director of Home Moving Strategy at Mortgage Advice Bureau, takes a look into what it means for mortgage rates, homebuyers, and homeowners.
In short, the 2026 Spring Statement is unlikely to introduce major housing reforms. Instead, the key theme for homeowners is likely to be stability rather than surprises.
What is the Spring Statement?
The Spring Statement is effectively an economic update. Unlike the Autumn Budget, which is typically where major tax and spending decisions are announced, the Spring Statement provides a progress report on the economy and updated forecasts from the Office for Budget Responsibility (OBR).
While it rarely contains large housing policy changes, it can influence the broader financial outlook, which then plays a significant role in how mortgage rates are set. Stability in inflation, interest rates and government finances supports the conditions lenders rely on when pricing mortgage deals.
This means that the wider economic outlook can still influence household finances and mortgage affordability, even without direct housing announcements.
Will the Spring Statement 2026 affect mortgage rates?
Individual lenders set their own mortgage rates, which are influenced by the base rate and other market factors – including any measures announced in the upcoming Statement.
However, the tone and economic signals within the Spring Statement can influence financial markets. If the statement reinforces confidence that inflation is easing and public finances are stable, this can help maintain a steady mortgage rate environment.
Mortgage rates have already adjusted significantly over the past two years, and anticipated base rate movements are typically priced into fixed-rate mortgage deals well in advance. In the current climate, no surprises would actually be a positive outcome for the housing market.
Ultimately, mortgage pricing is driven more by inflation expectations and swap rates (which are used to determine fixed-rate funding). While it’s very rare that political announcements in the Budget have an impact on this, these things do happen – as we experienced with Liz Truss’s mini-budget in 2022.
What does this mean for homeowners?
For homeowners currently on a fixed-rate mortgage, the statement itself is unlikely to trigger immediate changes to monthly repayments. However, the broader economic outlook it presents can influence where mortgage rates move in the months ahead.
If you’re approaching the end of a fixed-rate deal in 2026, it’s important not to leave decisions until the last minute. Many lenders allow borrowers to secure a new mortgage rate up to six months in advance. This provides a level of certainty and reassurance, while still allowing flexibility if more competitive remortgage rates become available in the interim.
Acting early also helps avoid reverting onto your lender’s Standard Variable Rate (SVR), which is typically more expensive.
What should homeowners considering moving do?
If you’re thinking about moving home, the key question is what you can comfortably afford now, rather than whether rates might edge slightly lower in the months ahead.
Compared to the volatility of recent years, the housing market is now operating in a far more predictable rate environment. Mortgage lenders have expanded their product ranges, and competition has strengthened as market stability has improved.
While some homeowners may be waiting for mortgage rates to fall further, delaying decisions in the hope of perfect timing can sometimes mean missing opportunities elsewhere in the market. Having clarity on your borrowing power and mortgage options now puts you in a stronger position when the right property becomes available.
Should I wait for mortgage rates to fall?
It’s natural to hope for lower rates, but expected movements are often already priced into mortgage deals.
While interest rate forecasts suggest the potential for gradual easing, markets adjust ahead of official decisions being made. Waiting for a significant drop could leave borrowers exposed if conditions change unexpectedly.
Whatever your plans are, the more productive approach is understanding what is affordable now, and reviewing your options regularly with the guidance of an expert mortgage adviser.
Why speaking to a mortgage adviser matters
The housing market moves quickly, and political announcements don’t always reflect individual circumstances.
A mortgage adviser looks at your income, deposit, long-term plans and more – not just headline rates. Over the past year, we’ve seen continued lender innovation and strong competition across the mortgage market, meaning many borrowers may qualify for solutions they aren’t aware of.
Whether you’re remortgaging, moving home, or reviewing your options, expert advice helps you make informed decisions, regardless of what the Spring Statement does or doesn’t announce.
Speak to a mortgage adviser to understand how current mortgage rates and the Spring Statement 2026 could affect your mortgage or moving plans.