With interest rates rising to a 15-year high this week, households in Enfield Southgate are under more pressure than ever, with families facing average mortgage hikes of £6,600 this year.
This is a Tory mortgage penalty. Since their catastrophic mini-Budget, costs have skyrocketed and family finances are being devastated.
Support is needed, but we can’t trust the Tories to provide it.
The Prime Minister was warned by experts about this in the autumn. But his Government has been too consumed by its own law-breaking, its own chaos and the never-ending Tory psychodrama to care.
We need practical measures to tackle this crisis, including requiring lenders to allow mortgage holders to temporarily switch to interest-only mortgage payments and to lengthen the term of their mortgage period. And requiring lenders to wait a minimum of six months before initiating repossession proceedings, because we’re seeing a 50% rise in repossessions already as a result of this crisis.