Mortgage Hike Looms for 100,000 Families Before Polling Day
As the UK approaches polling day, a looming mortgage hike threatens to affect over 100,000 families. With the average homeowner set to fork out an additional £240 a month, or nearly £3,000 a year, the Liberal Democrats have warned of a “blue wall reckoning” with mortgage holders in what were previously solid Tory seats.
Families face mortgage hike
The data shows that constituencies such as that held by cabinet minister Steve Barclay in North East Cambridgeshire are among the worst affected, with hundreds due to see their fixed-rate mortgage end in June. The Liberal Democrat treasury spokesperson, Sarah Olney, has slammed the Conservative government for crashing the economy and condemning hard-working households to a mortgage nightmare.
Rishi Sunak on the campaign trail
Despite falls in inflation, the Bank of England has maintained interest rates at 5.25%, and there are fears that rate cuts, expected this summer, could be delayed again. Experts warn that millions of households across the country are struggling with huge mortgage bills after the average two-year fixed rate jumped to more than 6%, although it has since fallen.
Mortgage possession claims hit a five-year high
Official figures also show that mortgage possession claims hit a five-year high at the start of this year in the aftermath of Liz Truss’s disastrous mini-budget. They soared by more than a quarter in just three months and are now at their highest level since 2019.
The Liberal Democrats are campaigning to “break the Tory blue wall” of traditionally safe seats across the south of England, with counties such as Surrey now in their sights. Among the seats the party believes is up for grabs is that formerly held by Michael Gove in Surrey Heath.
Lib Dem campaign to break the Tory blue wall
The party hopes to overturn what was an 18,349 majority in 2019 under old constituency boundaries. Other cabinet ministers whose seats the party is targeting heavily include the education secretary, Gillian Keegan, in Chichester, the culture secretary, Lucy Frazer, in South East Cambridgeshire, and the justice secretary, Alex Chalk, in Cheltenham.
Mortgage hike to affect 100,000 families
In total, households coming off fixed-rate mortgages ahead of polling day will pay an additional £290 million in mortgage costs over the next year, the party said. The Conservatives have been approached for comment.
Mortgage crisis looms
As the election approaches, one thing is clear: the mortgage hike is a ticking time bomb that could have far-reaching consequences for families across the UK. Will the Conservative government be able to convince voters that their economic plan is working, or will the Liberal Democrats succeed in breaking the Tory blue wall?
