Karin Smyth, MP for Bristol South, expresses her concern at new figures showing 14,335 households in the Bristol will face an eyewatering jump in mortgage repayments next year as a result of the Tory Government crashing the economy.
Analysis by the Labour Party using Bank of England data showed that homeowners coming off two-year fixed term mortgages in October 2022 are set to pay £500 a month more on average after the government’s disastrous mini-Budget handed unfunded tax cuts to the wealthiest.
Further investigation has found that the number of people refinancing on the terms above is forecast to be 1.8 million people out of a total 6.8 million mortgage holders – or one in four of all mortgage holders in the UK.
That means an estimated 14,335 households in Bristol will be paying hundreds of pounds a month more from next year as rates top 6%.
Karin Smyth, MP for Bristol South, said:
“These new figures are shameful. People in Bristol South have worked hard to get their own home and are now either being locked out of the housing market as first-time buyers or are facing crippling mortgage repayments. It’s clear where the blame lies for this: the Tory Government.
“The Tories have squandered the UK’s international reputation for sound money meaning the cost of borrowing has sky-rocketed for the country. As the nations cost of borrowing rises so does people’s costs for mortgages and loans. Let’s not forget that this will not only hit those with mortgages, but also businesses who will have loans they need to pay.
“The chaos and confusion we are all facing was created in Downing Street and being paid for by working people. This week in Parliament we seen the Government in chaos with the Home Secretary being sacked for breaking the ministerial code… after less than a month in office. This Tory Government is done. They must step aside and let us hold a General Election. Then Labour can fix their mess.”