1.1 million households will face a mortgage hike before the General Election if it is held in November, research by the Liberal Democrats has revealed.
It comes ahead of the Bank of England’s decision on whether to cut interest rates from 5.25% today.
The House of Commons Library research, based on data from the FCA, shows that 1.1 million fixed term mortgage deals are due to come to an end between February and October. Of these, around 700,000 fixed rate mortgages are due to expire between May and the end of October 2024.
The research also shows that a typical homeowner seeing their deal come to an end will see their monthly mortgage interest payments increase by £240, a 39% rise. An estimated 120,000 will see their mortgage deals come to an end each month, or over 4,000 a day.
The Liberal Democrats are calling on the Government to introduce an emergency Mortgage Protection Fund to support struggling families at risk of losing their home, paid for through reversing Conservative tax cuts to the banks.
Liberal Democrat Treasury Spokesperson, Sarah Olney MP, said: “Every day thousands more homeowners are being hit with an astronomical rise to their monthly mortgage bills. This is a devastating blow to family finances in the middle of a cost of living crisis.
“It is scandalous that families are being left to pick up the tab for Liz Truss crashing the economy. Rishi Sunak needs to help out those at risk of losing their homes over the Conservative Party’s economic vandalism.
“We need a General Election now to end this Conservative chaos. The sooner we put this Conservative government out of its misery the better for the economy, the country and the money in people’s pockets.”
