282,000 households in Wales hit by Tory mortgage penalty

282,000 households in Wales have been hit by the Tory mortgage penalty as families face annual mortgage payment increases of £2,000 this year under the Conservatives.

Labour analysis reveals that household finances in Wales will 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 £2,000 in Wrexham, £2,400 in Bridgend and £3,200 in Monmouth.

On average, the Tory mortgage penalty will cost mortgage holders in Wales £2,000.

It follows the news that many mortgage deals are being withdrawn by banks and interest rates being increased. Moneyfacts data suggests the typical rate on a two year fixed-rate loan had increased to almost 6%, almost double a year ago, and the Resolution Foundation has estimated that 6.5m households across the UK will be affected by the post-mini budget rise in mortgage rates by 2026.

Labour today (Tuesday) are using their opposition day debate in the House of Commons to force a vote on the mortgage crisis – urging MPs from across the house to get behind their package of mandatory measures to help ease the Tory mortgage bombshell hitting families.

Shadow Secretary of State for Wales, Jo Stevens MP, said:

“Across Wales, the Tory mortgage bombshell is hitting people hard.

“Wales is buckling under 13 years of Conservative economic failure, mismanagement and crisis, and it is families being asked to pay more on their mortgage once again. 

“Not only has the Conservatives’ economic recklessness driven this crisis, but this Tory government’s failure to make its measures mandatory leaves around 2 million households missing out on the mortgage support they need.

“We are urging all Tory MPs to take some responsibility, and vote today (Tuesday) for Labour’s mandatory plan to ease the Tory mortgage penalty now and give households in Wales and across the UK the reassurance they need.”

as families face annual mortgage payment increases of £2,000 this year under the Conservatives

Labour analysis reveals that household finances in Wales will 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 £2,000 in Wrexham, £2,400 in Bridgend and £3,200 in Monmouth.

On average, the Tory mortgage penalty will cost mortgage holders in Wales £2,000.

It follows the news that many mortgage deals are being withdrawn by banks and interest rates being increased. Moneyfacts data suggests the typical rate on a two year fixed-rate loan had increased to almost 6%, almost double a year ago, and the Resolution Foundation has estimated that 6.5m households across the UK will be affected by the post-mini budget rise in mortgage rates by 2026.

Labour today (Tuesday) are using their opposition day debate in the House of Commons to force a vote on the mortgage crisis – urging MPs from across the house to get behind their package of mandatory measures to help ease the Tory mortgage bombshell hitting families.

Shadow Secretary of State for Wales, Jo Stevens MP, said:

“Across Wales, the Tory mortgage bombshell is hitting people hard.

“Wales is buckling under 13 years of Conservative economic failure, mismanagement and crisis, and it is families being asked to pay more on their mortgage once again.

“Not only has the Conservatives’ economic recklessness driven this crisis, but this Tory government’s failure to make its measures mandatory leaves around 2 million households missing out on the mortgage support they need.

“We are urging all Tory MPs to take some responsibility, and vote today (Tuesday) for Labour’s mandatory plan to ease the Tory mortgage penalty now and give households in Wales and across the UK the reassurance they need.”