Mortgage holders are £580 a month worse off under the
Conservatives, new analysis from the Labour Party reveals ahead
of the release of September’s inflation figures.
A typical household with a mortgage is forecast to spend £618 a
week on good and services, such as food, transport and fuel
bills, today - up from £535 in 2021/22, an increase of £360 a
month.
This comes as the Bank of England has said that the average
monthly mortgage repayment has risen by £220 for households who
are remortgaging.
This means that a typical family who have or are due to
remortgage is £580 worse off under the Tories.
In Mid Bedfordshire, 39 per cent of homes are owned with a
mortgage, the third-highest proportion in England and Wales. In
Tamworth, the figure stands at 33 per cent.
, Labour’s Shadow Financial
Secretary, said:
“Mortgages holders across the country, including in Mid
Bedfordshire and Tamworth, are worse off because of 13 years
of economic failure and instability under the
Conservatives.
“The Conservatives crashed the economy and now families are
paying the price with more expensive mortgage
payments, higher bills, and rising prices
in the shops.
“Only Labour has a plan to grow the economy to boost wages, bring
down bills, and get Britain’s future back.”
Ends
Notes:
- That means that those with mortgage are paying £83 more a
week today than in 2021/22, or £360 a month.
- These figures do not account for rising mortgage costs among
those re-mortgaging. The Bank of England said this would be an
average of £220 a month:
https://www.bankofengland.co.uk/financial-stability-report/2023/july-2023
- A family with a mortgage re-mortgaging could therefore face a
total increase in monthly costs of over £580, made up of £360 in
rising budget costs plus £220 in higher mortgage payments.
