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The Independent UK
The Independent UK
National
Richard Wheeler

Starmer blames Government for families facing ‘eye-watering’ mortgage increases

Kwasi Kwarteng Liz Truss Sir Keir Starmer

Sir Keir Starmer has renewed calls for Liz Truss to reverse her “kamikaze” budget as he warned families face “eye-watering” mortgage increases.

Analysis by the Labour Party suggests an average UK buyer coming off a two-year fixed mortgage could experience a £498 monthly hike if interest rates hit 6%.

Labour has developed estimates based on the assumption that a homeowner has a 20-year mortgage term and they pay a 5% or 6% interest rate once their two-year fix ends in the third quarter of 2022.

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