THE number of Scots seeking mortgage help has nearly quadrupled due to soaring inflation, it has emerged.
Citizens Advice Scotland has seen a 287 per cent rise in aid pleas in the year from September 2021.
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Mortgage rates recently hit a decade’s high, with a typical two-year fixed rate of 6.31 per cent.
David Hilferty, of CAS, said: “Our online advice pages have seen a steady increase in the past few months.
“Higher interest rates supercharge the cost of living crisis.”
Labour MSP Mark Griffin said the crisis was a result of the UK Tory Government’s “incompetence”.
He added: “With the SNP housing crisis, this has caused a perfect storm.
“People are fearful they’ll be forced out of their homes.”
The UK Government’s mini-budget threw the country’s economy into chaos with the pound crashing and interest rates soaring as a result of decisions taken by Liz Truss and Kwasi Kwarteng.
They planned to slash taxes for the richest in society while scrapping limits on bankers bonuses, moves that sent markets spiralling.
Despite Ms Truss cancelling ditching nearly all of her policies before quitting No10, the economy has not recovered leaving many families struggling.
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Chancellor Jeremy Hunt had been set to unveil his financial plans on Monday – but this has been delayed until November 17 following the coronation of Rishi Sunak.
But, the new BoE rates will be published ahead of this, a move Mr Hilferty said had filled homeowners with a “sense of dread,” adding: “Even beyond that the rising cost of living against flat or falling incomes is creating real problems for people.
“Those who are struggling should seek advice from the CAS as soon as possible”.
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