At PMQs Sir Keir Starmer claimed that mortgage payments are 'skyrocketing by £500 per month' as a result of the government’s 'borrowing spree'. This figure reflects the impact of interest rate rises since August 2020, not just since the mini-Budget.
and elsewhere, and it appears that the Labour Party tweet and similar ones from MPs are also based on the same source.
And it wasn’t comparing mortgages now to those just available just before the mini-Budget, but rather those available in August 2020. This was not made clear by Mr Starmer in the clip shared by Sky News, or in the Labour Party’s tweet. Labour’s calculations compared monthly repayments under a deal fixed in August 2020 at 1.6%, and a deal with the same terms, but fixed at 5% or 6% now. But rates have been
Labour’s press release explains that its analysis isn’t an estimate for all mortgages.
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Labour claims about a £500 rise in mortgage payments lack important context - Full FactAt PMQs Sir Keir Starmer claimed that mortgage payments are 'skyrocketing by £500 per month' as a result of the government’s 'borrowing spree'. This figure reflects the impact of interest rate rises since August 2020, not just since the mini-Budget.
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