9,800 families in Stockport constituency will be hit by the Conservatives’ mortgage penalty as families in our constituency face an annual mortgage payment increase of £2,600 this year.
Labour analysis reveals that the average household in Stockport 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 £2,600 in Stockport.
It follows the news that many mortgage deals are being withdrawn by banks and interest rates being increased, with Moneyfacts data suggesting the typical rate on a two year fixed-rate loan had increased to almost 6%, almost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.
Recently, 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. Navendu Mishra, Labour MP for Stockport, said:
“The Conservative 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.”