Mortgages

Families hit by ‘Tory mortgage penalty’ as rates soar – see how your area is affected


Rachel Reeves has warned out-of-touch Tory ministers have failed to grasp the misery facing families as mortgage rates soar.

The Shadow Chancellor said households across the country are paying the price for the government “trashing the economy”.




As the Bank of England is expected to hike interest rates again tomorrow, Ms Reeves pointed the finger of blame at ministers.

“Each and every family knows who is responsible for trashing the economy – the Conservatives,” she told the Commons.

She highlighted a new Labour analysis that shows the average mortgage payment is going up by a crippling £2,900 per year.

The squeeze on mortgage holders is set to get even worse as interest rates are set to go up for the 13th time in a row.

Shadow Chancellor Rachel Reeves said the Tories have failed to understand the misery facing homeowners(Getty Images)

Some analysts are expecting UK interest rates to rise by another 0.25 percentage points tomorrow and say there could be more hikes on the horizon.





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