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Monday, July 15, 2024

Home Ownership a Pipe Dream for Millions Due to Westminster Failures

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Westminster’s economic failures has turned the idea of home ownership into a pipe dream for millions of people, the SNP has said, amidst rising mortgage rates and the soaring cost of living.

And now mortgage holders and those seeking to get onto the property ladder are facing increasing financial pressures, with analysis from Moneyfacts revealing mortgage deals are at their shortest shelf life in six months.

Despite homeowners and buyers having the widest choice for 16 years, mortgage deals are typically on offer for just 15 days before being pulled, according to the financial advice service, leaving people with little time to decide when rates are volatile.

It comes as 1.6 million borrowers in the UK are set to see their relatively cheap deals expire this year.

Commenting, the SNP’s Economy spokesperson, Drew Hendry MP said:

“At every step, Westminster has refused to heed the warnings, doing nothing to ease the burden facing ordinary people who are struggling with their mortgages or struggling to just get onto the property ladder.

“For millions of people, the idea of home ownership is now a pipe dream because of Westminster’s repeated economic failures.

“The Tories have abdicated all responsibility to help people through a crisis they created – and Labour are too wedded to the grim economic status quo to be trusted to offer a solution to household’s financial woes.

“A vote for the SNP at the next election is a vote to ensure people across Scotland are given a strong voice over the support they need.

“With a proven track record of delivering for ordinary people, the SNP will continue to fight for cost of living support, and for Scotland’s values to be heard at Westminster.”

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