Labour predicts that Doncaster families face mortgage payment increase of £1,480

The Labour Party predict that on average, mortgage payments for Doncaster’s three constituencies will rise by an average of £1,480 this year.

Around 27,600 households in the wider Doncaster area are paying off a mortgage.

Figures were calculated using data from MoneyFacts which shows that a typical two-year fixed mortgage rate is now 5.75 percent.

The research follows a warning from the Bank of England that around half of households with a mortgage will be exposed to rate rises this year.

Around 800,000 across the country could see their mortgage rates double.

This week, the IMF chief economist attributed rising mortgage rates as the reason that the UK is the only major economy which is expected to shrink this year.

Labour’s parliamentary candidate for Doncaster Central, Sally Jameson 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.”

Sally is hoping to take over from current MP Dame Rosie Winterton, who will retire at the 2024 general election.

The government has not currently announced any action to tackle rising mortgage payments.