Welsh Labour MP for Ogmore, Chris Elmore MP, has called for the UK Tory Government to get a grip of the spirally mortgage crisis facing thousands of families across South Wales.
With news that the Bank of England Monetary Policy Committee have voted to raise interest rates to 4.5%, it means bigger mortgage payments for those on tracker products and more expensive mortgages for those to the end of their fixed term period.
Figures obtained by the Labour Party show that mortgage holders across the UK are now paying £1.05bn more for their mortgages because of the Tories disastrous mini-Budget.
The increase mortgage costs are the latest in a long line of cost increases to hit families. Run-away inflation has pushed up the cost of a basket of groceries to near record levels with some day-to-day products being 19% more expensive than they were this time last year.
The rise by the Bank of England is the 12th consecutive rise and adding hundreds of pounds to monthly mortgage payments.
Almost three-quarter of a million households missed their rent or mortgage payment in April, according to the latest Which? Consumer Insight Tracker.
Chris Elmore MP said:
“Across Ogmore, I know many families will look at the increasing interest rates and feel nothing but worry for what this will mean for their mortgage payments. Across the UK, homeowners have had to spend £1.05 billion more on mortgage payments as a direct consequence of the choices made by previous Tory Prime Ministers and Chancellors. Today’s announcement is another kick in the teeth for people who are already struggling with a cost-of-living crisis.
Food, fuel, energy and now mortgages are all going up and up and those with the least are the ones who suffer most. It is no good blaming international events and promising help tomorrow when what is needed is help today.”