Angela Rayner column: Rising concerns over mortgage rates

Read Ashton-under-Lyne MP Angela Rayner's latest column for the Tameside Reporter.

The cost of living crisis is still affecting so many of my constituents and one of the most pressing issues is rising mortgage rates.

Monthly payments are rising across the country and the latest analysis by the Labour Party has revealed that around 8,500 people across Ashton, Droylsden and Failsworth will be hit by an average increase of £1,900.

This follows the news that many mortgage deals are being withdrawn by Banks and interest rates being increased, with Moneyfacts data suggesting the typical rate on a two year fixed-rate loan had increased to almost six per cent, almost double a year ago, and the Resolution Foundation estimating that 6.5m households will be affected by the post-mini budget rise in mortgage rates by 2026.

This week, economists warned that there is a real risk of job losses and a sharp recession.

The latest forecasts of economic growth this year suggest that the UK is struggling to get out of the slow lane, with growth of just 0.2 per cent forecast on the year.

The Tory mortgage penalty is devastating for family finances and is holding back our economy.

The country is buckling under 13 years of Conservative mismanagement and a crashed economy, and it is families being asked to pay more on their mortgage once again.

People are asking themselves whether they or their family are better off under the Tories. The answer is no.

Labour will bring financial and economic security back, so that families are not constantly on a cliff edge, and so that we can urgently grow our economy to grab hold of opportunities of the future.

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