Mortgage holders face £7000 hike

Homeowners face the prospect of paying £7000 more per year for their mortgage than they did in 2021.

Rising interest rates will mean further financial pain for the 1.4 million people on variable mortgages.

Sutton borough, with its high homeownership, is set to be one of the worst hit parts of the country.

Renters are also suffering from spiralling rents and rising costs – all while the cost of living crisis continues to hit hard. 

Bobby Dean, who is running to Carshalton & Wallington’s next Lib Dem MP, said:

“The Conservative Government has handed homeowners a mortgage timebomb and left renters behind.

“Their poor handling of the economy is lumping burden after burden on local families, right in the middle of a cost of living crisis.

“People work hard to put a roof over their head and now they are facing higher costs because of this out of touch Government.

“That’s why the Lib Dems are calling for more council homes, improved renters rights, and a fund to support those at risk of losing their homes due to interest rate rises.”