Recent Labour research has found that around 14,300 average households in North Swindon are set to be put under more pressure than ever with mortgage payment increases.
A drop down spreadsheet created by the Labour Party allows people to search the amount that mortgages are predicted to rise by.
The creation of this spreadsheet follows the Bank of England's warning in December that around half of households with a mortgage, a total of 4 million, will be exposed to rate rises this year, and Bloomberg reported that around 800,000 will see their mortgage rates double.
This week, Labour said the IMF chief economist singled out higher mortgage rates as a reason for Britain’s poor performance after the country’s growth was downgraded, leaving it as the only major economy expected to shrink in 2023.
Labour’s Parliamentary Candidate for North Swindon, Will Stone said: “The Tory mortgage penalty is devastating for family finances and is holding back our economy. The country is buckling under 13 years of Conservative mismanagement, and it’s families being asked to pay more on their mortgage once again.
“People are asking themselves whether they or their family are better off under the Tories. The answer is no.
“By stabilising the economy, making it stronger and getting it growing, Labour will stop us lurching from crisis to crisis, and make Britain thrive again.”
Swindon Labour say these calculations are based on estimates of the proportion of households in each constituency who own their home with a mortgage or loan. This was requested from the House of Commons Library using 2021 census data.
Members of the public can find the Bank of England's Financial Policy Summary and Record from December 2022 at https://www.bankofengland.co.uk/financial-policy-summary-and-record/2022/december-2022
Members of the public can find more information about the aforementioned Bloomberg report at: https://www.bloomberg.com/news/articles/2023-01-09/over-800-000-uk-households-to-see-mortgage-rates-double-in-2023#selection-3463.1-3481.61?leadSource=uverify%20wall
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