Key Points:
• 1.3 million households across the UK face fixed mortgage rate renewal at the end of this year
• The average increase is expected to be around £200
• Inflation is dropping slower than expected (8.7%) and food inflation at 19% and rising
• Head of Barclays warns of a ‘huge shock’ on its way
Comments by Drew Hendry MP:
“I have recently written to Chancellor regarding a growing concern that is causing sleepless nights for many of my constituents and, indeed, for countless families across Scotland and the UK – the escalating mortgage crisis.
“With the Bank of England raising interest rates 12 times since December 2021, typical tracker mortgage customers are now paying about £417 more per month.
“By the end of the year, another 1.3 million people across the UK will face a similar predicament when renewing their fixed-rate mortgages.
“The recent drop in inflation to 8.7%, slower than predicted, and food inflation stands at a staggering 19%.
“Families are being forced to make tough decisions – like cutting out fresh fruits and vegetables from their shopping lists – just to make ends meet.
“When the head of Barclays Bank warns of a ‘huge shock’ on its way, we need to sit up and take notice.
“These aren’t just financial forecasts; they’re the realities of hardship for countless families.
“The time for the Chancellor to act is now.
“We need an economic strategy that doesn’t just pay lip service to the struggles of our constituents but actively works to alleviate them.”
