There have been £2,440 mortgage hikes for 14,300 homeowners in North Swindon thanks to Tory mortgage penalty.
New analysis from North Swindon Labour reveals how local households are set to be put under more pressure than ever by Conservative mismanagement of the economy.
Mortgages are predicted to rise in North Swindon by a staggering £2,440 a year. Across the country mortgage hikes range from annual increases of £1,000 to £13,000.
It follows the Bank of England warning in December that around half of households with a mortgage, a total of 4 million, will be exposed to rate rises this year, and Bloomberg reporting that around 800,000 will see their mortgage rates double.
Labour’s Councillor Will Stone said, “The cost of living crisis is hammering families in North Swindon, and thanks to the Conservative’s crashing the British economy, the Tory mortgage penalty is set to stretch family finances even further.
“After 13 years of economic failure local people are asking themselves whether they or their family are better off under the Tories. The answer is no.
“But Labour has a plan for places like North Swindon. By stabilising the economy, making it stronger and getting it growing, Labour will stop us lurching from crisis to crisis, and make Britain thrive again.”
