Labour says ‘Tory mortgage penalty’ costs homeowners extra £7,000 a year

Average fixed-rate mortgages have risen in June, with an estimated 1.4 million people due to renew theirs by the end of 2023. Photograph: Andy Rain/EPA

Homeowners are being hit with a “Tory mortgage penalty” of £7,000 a year with interest rates triple what they were two years ago, according to Labour.

Pat McFadden, shadow chief secretary to the Treasury, blamed what he called the “reckless economic gamble” taken by the Conservatives during September’s mini-budget when Liz Truss was prime minister.