Now Reading: Mortgage Borrowers £500 Worse Off
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Mortgage Borrowers £500 Worse Off
SNP Urge Labour Chancellor to Bring Down Costs
The SNP have challenged the UK Chancellor to do more to bring mortgage borrowing costs down quickly.
It comes as new research reveals UK mortgage borrowers are around £500 worse off following the Labour government’s bungled budget.
The analysis from Bloomberg Economics found the cost of the UK’s most popular mortgages has risen to the highest level since August as a consequence of soaring UK borrowing costs.
Data compiled by Moneyfacts found five-year fixed rate mortgages hit 5.3% at the end of last week – the highest in five months. Bloomberg Economics estimate that this will cost those who are re-mortgaging their home loans this year an additional £500 on average.
The cost of the UK’s most popular mortgages have risen to their highest level since August as the turbulence that’s gripped the government debt market feeds through into the cost of borrowing for home buyers. https://t.co/vSa08xX7CF
— Bloomberg UK (@BloombergUK) January 19, 2025
Labour have not only presided over a continuation of the UK mortgage crisis – they’ve made matters worse.
GRAEME
This is hitting millions of families across Scotland trying to buy a home.
Labour promised to get borrowing costs under control, but that is just yet another broken pledge.
Action is urgently needed to address a new burgeoning cost of living crisis, as shops, supermarkets, phone, broadband and utility companies all warn they will also have to raise prices as a result of the Labour Party National Insurance tax hike.
