- Mortgage ticking time bomb: Homeowners facing biggest interest payment hike on record
- Jane Dodds Responds to FIFA’s Decision to Force Team Wales not to wear LGBT+ One Love armbands
Mortgage ticking time bomb: Homeowners facing biggest interest payment hike on record
- True cost of the mortgage ticking time bomb revealed by Liberal Democrat analysis of OBR figures
- Homeowners are paying the price for the Conservative Government crashing the economy
British mortgage owners will face the biggest hike in interest payments on record, the Liberal Democrats can reveal.
Buried in the OBR Budget documents is the stark forecast detailing that mortgage interest payments will double over the next year, rising by 100.5% in the year to September 2023. That far outstrips the previous record 63.6% rise in 1989.
The party’s analysis shows that a typical household with an outstanding mortgage of £236,000 will see their interest payments double to £5,689, or an increase of £2,851 a year.
This is a direct result of the Conservatives’ disastrous mini-budget that sent markets into turmoil and forced the Bank of England to raise rates.
The Liberal Democrats have warned the crippling increase to mortgage interest could pose an even bigger threat to homeowners than the 2008 financial crisis and see thousands of families at risk of losing their home.
The party is calling for a new rescue fund for those who have seen their mortgage payments increase by more than 10% of their income, with grants of up to £300 a month to help cover the cost of the rise. This would protect families from falling into arrears or losing their homes because they can’t afford spiralling mortgage rates.
The policy would be funded by scrapping tax cuts for the biggest banks. Government cuts to the Bank Surcharge and Bank Levy are forecast to cost £18bn over the next 5 years.
Liberal Democrat Treasury spokesperson Sarah Olney said:
Homeowners are paying the price for the Conservative Government crashing the economy.
The mortgage ticking time bomb has only seconds left. The coming months will see mortgage payments implode, leaving families paying hundreds of pounds more a month This is simply unmanageable with the tax rises announced by the Chancellor.
This was the cost of chaos budget where everyone pays the price. It is becoming clearer by the day that families who own a home will pay the ultimate price for months of chaos.
Something has to give. The Government needs to clean up their mess and save families who face losing their home. They need to scrap the tax cuts for the banks and introduce an emergency mortgage protection fund.
Jane Dodds Responds to FIFA’s Decision to Force Team Wales not to wear LGBT+ One Love armbands
Responding to the decision by FIFA to threaten to book players from Wales, England and other European countries for wearing the OneLove armband at the World Cup Welsh Liberal Democrat Leader Jane Dodds MS said:
This decision is symbolic of the entire attitude of FIFA surrounding this tournament that should have never been awarded to Qatar in the first place.
Sports is meant to be for everyone, yet LGBTQ+ have clearly not been welcome from day one.
This decision also raises more questions over the Welsh Government and Mark Drakeford’s decision to attend the tournament, as I have previously stated, talks behind closed doors are not enough, especially if Qatar censors any public displays of solidarity.
The Welsh Liberal Democrats will always stand up for the LGBTQ+ community, along with the woman and foreign workers who have also had their rights silenced or whitewashed in this tournament.
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6 Comments
Renters are ok to be homeless then?
@Jenny Barnes 22nd Nov ’22 – 6:51am.. My thought too..
‘Renters’ have less rights than ‘owners’. The young boy whose life was cut short by untreated mould was in accommodation provided by a so-called ‘reputable’ company (“Rochdale Boroughwide Housing).
Section 21 is an abomination that deters complaints about rent increases, poor or unsafe accomodation, etc. (Close to 20,000 households in England were made homeless by landlords using section 21 notices in 2021/22, up from almost 9,000 the previous financial year)
Yes to the first 2 comments about renters; we need to be shouting about them as well as about mortgages. We also need to shout about the need for much more social housing at affordable rents; even conservatives ought to know that will have a knock-on affect on the private rental sector, both keeping rents down and even if it deters more landlords long term then big public sector social housing can provide for people instead of the private sector. A house is for living in, not for landlord profiteering.
“We also need to shout about the need for much more social housing at affordable rents”
Housng which is properly insulated, damp-proof and breathable.
“Business wooing latest – Keir Starmer hosted bosses from firms including arms giant BAE Systems in his Commons office suite last night, alongside MPs who watched Wales’ World Cup match in the corner” (Dan Bloom, Online political editor, The Mirror)
Give me those who have travelled to Qatar and are raising issues with aim of progress over those staying at home, still engaging with the tournament but using the time saved to get into bed with nations or companies with atrocities on their CV.
Of course, Welsh Labour also host arms festivals, but it’s not as simple as saying those who remain in UK have chosen correct action and those who have gone chosen wrong action.
@Jenny Barnes “Renters are ok to be homeless then?”
Presumably, this line of attack (i.e. “Mortgage ticking time bomb”) reflects the party’s priorities of “Blue Wall” targeting and shoring up the core Lib Dem vote, i.e. from “GE2019: How did demographics affect the result?” (https://commonslibrary.parliament.uk/ge2019-how-did-demographics-affect-the-result/):
HOME OWNERSHIP AND GE2019
“As in previous years, homeowners were more likely to vote Conservative in the 2019 election. According to Ipsos MORI’s figures, 57% of voters who owned their home outright voted Conservative, as did 43% of people with mortgages.”
“The 2011 Census tells us how many homeowners were in each constituency. At the time, around 64% of UK households owned their home, either outright or with a mortgage. 315 of the Conservatives’ 365 seats (86%) had home ownership levels above this average, compared with 53 of Labour’s 202 seats (26%). Nine of the Lib Dems’ 11 seats had above-average home ownership levels (82%).”