Stephen Morgan MP has said close to 7,000 households in Portsmouth will face an eyewatering jump in mortgage repayments next year as a result of the Conservatives ‘crashing’ the economy.
Analysis by the Labour Party using Bank of England data showed that homeowners coming off two-year fixed term mortgages in October 2022 are set to pay £500 a month more on average after the government’s mini-Budget implemented unfunded tax cuts.
Further investigation has found that the number of people refinancing on these terms is forecast to be 1.8 million people out of a total 6.8 million mortgage holders – or one in four of all mortgage holders in the UK.
That means an estimated 6,982 households in Portsmouth will be paying hundreds of pounds a month more from next year as rates top 6%.
The Member of Parliament for Portsmouth South, Stephen Morgan, said:
“The Conservatives have sacrificed homeowners across the country who now have a Tory premium to pay on their mortgages. Young people in Portsmouth who have scrimped and saved for a deposit have in the blink of an eye been thrown under the bus.
“This is not simply an unfortunate mistake. It is an unforgivable act of national self-harm that has crashed the economy. A Tory crisis, created in Downing Street, paid for by working people.
“Labour has announced a comprehensive plan to target 70% homeownership, including giving first-time buyers first dibs on new developments and a state-backed mortgage insurance scheme.”
