Opinion: 8,700 families in Sheffield Heeley hit by Tory mortgage penalty

Heeley MP Louise Haigh says analysis from the Labour Party allows people to search the amount that mortgages are predicted to rise, including by £2,000 in Sheffield Heeley.

It follows the news that many mortgage deals are being withdrawn by Banks and interest rates being increased, with Moneyfacts data suggesting the typical rate on a two-year fixed-rate loan had increased to almost 6%, almost double a year ago, and the Resolution Foundation estimating that 6.5m households will be affected by the post-mini budget rise in mortgage rates by 2026.

Economists warned that there is a real risk of job losses and a sharp recession. The latest forecasts of economic growth this year suggest that the UK is struggling to get out of the slow lane, with growth of just 0.2% forecast on the year.

Louise said: “The Tory mortgage penalty is devastating for family finances and is holding back our economy.

“The country is buckling under 13 years of Conservative mismanagement and a crashed economy, and it is families being asked to pay more on their mortgage once again.

“People are asking themselves whether they or their family are better off under the Tories.

"Labour will prioritise financial and economic security and support for those affected by this cost-of-living crisis.”