Households in Swindon could collectively save around £10 million a year on mortgage renewals, according to new analysis published by the Labour Party.
The figures suggest that recent interest rate cuts could reduce the cost of a typical new fixed-rate mortgage by more than £1,300 per year.
The analysis also highlights that around one in four mortgage holders are expected to renew their mortgage deals during 2026, meaning many households will soon feel the impact of the lower rates.
Labour says that six interest rate cuts have been made since the General Election, describing it as the fastest pace of reductions in almost two decades.
Publishing the figures, Jim Robbins said families locally were beginning to see the effects of changes to the wider economy.
He said:
“ This Labour Government has the right economic plan for Britain – and families in Swindon are beginning to see the results as we turn this country around.
“Labour is working hard to reduce the cost of living – rail fares and prescriptions have been frozen, we’ve taken £150 off energy bills, the minimum wage is going up, and mortgages are coming down.
“Locally, we have launched a £30m programme to improve energy efficiency across council housing to provide extra help with energy bills.”
Mr Robbins added that the party believes its economic approach is helping to stabilise the wider economy while easing pressures on household finances.
Interest rates and mortgage costs have been a major issue for many households in recent years, with thousands of borrowers across Swindon due to move onto new deals as fixed-rate agreements expire.
