For anyone approaching the end of a fixed mortgage deal, the question is straightforward: what will my next monthly payment look like?

With the Budget scheduled for 28 October, homeowners and prospective buyers will be looking for measures that could ease the pressure on their finances.

Today’s inflation figures underline the challenge. UK consumer price inflation rose to 3.5% in September, up from 3.1% in August, adding to concerns about the outlook for interest rates.

So, what could the Government realistically do?

The Bank of England independently sets Bank Rate. Mortgage lenders set their own rates, with fixed deals influenced by financial markets and expectations about future interest rates. The Chancellor cannot simply announce cheaper mortgages on Budget day.

However, the Government’s decisions can influence the conditions in which lenders price their mortgages. These are the priorities we would like to see considered:

1. Give financial markets confidence

A credible plan for taxation, spending and borrowing should be central to the Budget. The market reaction to the 2022 mini-Budget showed how fiscal announcements can affect the financial market rates used in mortgage pricing. Our view is that clear, properly funded commitments would give borrowers a firmer foundation for planning, although they cannot guarantee falling rates.

2. Ease pressure on household bills

Targeted help with essential costs could leave struggling households with more room to meet their mortgage payments. That support would need careful funding and design so it does not add to the inflation pressures that make interest-rate decisions more difficult.

3. Remember existing homeowners

Help for first-time buyers deserves attention, but households already paying a mortgage also need consideration.

We would welcome a review of support for borrowers facing financial difficulty, alongside clearer access to practical help before missed payments become a problem. Any assistance should explain the longer-term costs of changing a mortgage, as well as the immediate relief.

4. Make housing affordability a lasting priority

We would also like to see sustained investment in housing supply, infrastructure and the services new communities need, working with devolved governments where responsibilities differ. This would be a longer-term contribution to affordability rather than an immediate reduction in mortgage payments.

For us, the priority is a Budget that gives households greater confidence about their finances and creates conditions that could support more affordable borrowing over time.

Meanwhile, anyone whose mortgage deal is ending soon should understand their options before making decisions based on hoped-for Budget announcements.

At Chetwood Lloyd Mortgages, we provide independent, fee-free mortgage advice to help you review your circumstances and plan your next steps.

What would you ask the Chancellor to prioritise: help with household bills, support for existing mortgage borrowers, or measures to improve housing affordability?

Your home may be repossessed if you do not keep up repayments on your mortgage.