Homeowners are being hit with a “Tory mortgage penalty” of £7,000 per year, Labour said 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
Analysis by Labour suggests the average homeowner is forking out an extra £150 every week since what officials called the “kamikaze mini-Budget” in the autumn.
Labour said those with a 75 per cent loan to value ratio mortgage faced average interest rates of up to 4.63 per cent in April. Financial information website Moneyfacts said it had seen several mortgage providers raising rates last week.
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