10,300 families in Stretford and Urmston hit by Tory mortgage penalty as families face annual mortgage payment increase of £3,100 this year under the Conservatives.
Labour analysis reveals that the average household in Stretford and Urmston is set to be put under more pressure than ever by Conservative mismanagement of the economy.
Analysis from the Labour Party allows people to search the amount that mortgages are predicted to rise, including by £3,100 in Stretford and Urmston.
It follows the news that many mortgage deals are being withdrawn by Banks and interest rates being increased, with Moneyfacts data suggesting the typical rate on a two year fixed-rate loan had increased to almost 6%, almost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% forecast on the year.
Andrew Western, Labour MP for Stretford and Urmston said: “The Tory mortgage penalty is devastating for family finances.
“The country is buckling under 13 years of Conservative mismanagement and a crashed economy, with 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.
“Unlike this government, Labour will not stand by as millions face a mortgage catastrophe made by the Tories in Downing Street.
“Our five-point plan for mortgages offers practical help now, while our commitment to fiscal responsibility and growth will bring financial and economic security back, so that families are not constantly on a cliff edge.”