100,000 households to face mortgage increases before general election – The Intermediary

Research commissioned by the Liberal Democrats from the House of Commons Library reveals that 100,000 households will face mortgage increases between now and polling day on 4th July.

This equates to an average of 3,333 households per day experiencing higher mortgage rates, following the Bank of England’s decision to maintain interest rates at 5.25% earlier this month. A typical mortgage holder will see their payments rise by £240 a month.

The analysis, based on data from the Financial Conduct Authority, indicates that households will encounter mortgage increases ahead of the General Election on 4th July. The Liberal Democrats criticised Prime Minister Rishi Sunak, claiming his economic plan is detached from reality as families face substantial increases in mortgage payments.

The party highlighted that Liberal Democrat-Conservative battlegrounds such as Taunton Deane, Tewkesbury, and North East Cambridgeshire (Steve Barclay’s seat) are among the most affected areas.

In total, households coming off fixed-rate mortgages before polling day will incur an additional £290m in mortgage costs over the next year.

Liberal Democrat treasury spokesperson, Sarah Olney, said: “This Conservative government crashed the economy and now they are condemning hard-working households to a mortgage nightmare.

“Rishi Sunak’s claim that the government’s plan is working shows he is living in a parallel universe, as every day thousands of families are seeing their mortgage go up by eye-watering amounts.

“The Prime Minister is set for a blue wall reckoning in key battleground seats where fed up voters are ready to say enough is enough with this out-of-touch Conservative Government on 4th July.”