Labour Party criticises £1,500 mortgage rise in Doncaster North

Analysis by the party reveals that in the Doncaster North constituency, mortgages will rise by £1,500.

It comes after it was revealed that mortgage deals are being withdrawn by banks and interest rates on mortgage loans are being increased.

Data from Moneyfacts found that the typical rate on a two year fixed-rate loan has increased to almost six per cent, almost double that of a year ago.

The Resolution Foundation has estimated that 6.5 million households will be affected by the mortgage rises by 2026.

Ed Miliband MP, Labour MP for Doncaster North and Shadow Climate Change and Net Zero Secretary, 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 a crashed economy, and it is families being asked to pay more on their mortgage once again.

“Labour will bring financial and economic security back, so that families are not constantly on a cliff edge, and so that we can urgently grow our economy to grab hold of opportunities of the future.”

On Friday, Chancellor of the Exchequer Jeremy Hunt announced measures from banks to ease pressure on households with mortgages.

Borrowers will now have the ability to meet with their lenders to discuss options without affecting their credit score, and to extend the term of their repayments with “no questions asked”.