Hundreds of people in Rye are being hit by the mortgage crisis and the government is not doing enough to help them, says Labour’s Helena Dollimore.
Labour analysis reveals that 9,200 families in Hastings and Rye face an annual mortgage payment increase of £3,200 a year. Many mortgage deals are being withdrawn by banks and interest rates are being increased. Chancellor Jeremy Hunt has ruled out government help on mortgages and has urged homeowners to be “patient” with “necessary” interest hikes.
Helena Dollimore, parliamentary candidate for Hastings and Rye said: “The Tory mortgage penalty is devastating for family finances and many are constantly on a cliff edge.”
The party has said it would force banks to take a range of steps to protect borrowers and would seek protection for renters affected by the rise in mortgages.
Helena added: “Labour will bring financial and economic security back, so we can grow our economy to grab hold of opportunities of the future.”
Data from Moneyfacts suggests the typical rate on a two-year fixed-rate loan had increased to almost 6%, almost double a year ago. The Resolution Foundation estimated that 6.5m households will be affected by the post-mini budget rise in mortgage rates by 2026.
