Another 25,400 West of England households face paying over £400 more in their mortgage repayments every month because of the Tories’ failed economic policies.
Rising interest rates seen after the Conservatives crashed the economy are forcing families re-mortgaging as their two-year fixed-rate deals come to an end to pay thousands of pounds more a year, adding fuel to the fire over mounting household costs.
Monthly payments in the West have gone from £895 to £1,343 – an increase of £449 more each month, every month.
West of England Combined Authority data suggests there are 25,460 West of England households who had fixed term mortgages who face their deals ending by the end of 2023 – and so who could soon also be facing dramatically higher mortgage costs.
The average rate for a two-year fixed-rate deal rose to 6.53 per cent on 18 October 2022.
Metro Mayor Dan Norris says West of England families are paying higher mortgages because the Tories “crashed the economy”, and is urging ministers to set out plans to cut mortgage bills for homeowners struggling with spiralling interest rates during the austerity Autumn statement this Thursday. He said: “Unless ministers step in to give urgent support to West of England homeowners, there is a real risk that repossessions could go up and people end up homeless. But let’s be frank – the damage has been done by the Tories, not just with the disastrous mini-Budget, but with 12 years of economic failure after economic failure. The West of England literally cannot afford any more of this Tory government. With remortgaging rates now hitting levels not seen in more than a decade, thanks to the Tories crashing the economy, I urge the Chancellor to act on Thursday to ditch the austerity agenda for good and ensure West of England residents do not pay the price by losing their homes”.