The Labour Party has said thousands will face huge hikes in their mortgage payments under the Tories
More than 8,000 families in Burnley will face annual mortgage payment increase of £1,180 under Tory Party rule.
People can search the amount that mortgages are predicted to rise by with a drop down spreadsheet created by the Labour Party. 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.
This week, the IMF chief economist singled out higher mortgage rates as a reason for Britain’s poor performance after the country’s growth was downgraded, leaving it as the only major economy expected to shrink in 2023.
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