100,000 UK households face £240-a-month mortgage hike before July

100,000 households will be hit by £240 a month mortgage hikes BEFORE July. Research commissioned by the Liberal Democrats, based on data from the Financial Conduct Authority (FCA), has warned 100,000 households face an uplift of £290 million by July 4, when the General Election is held.

An average of 3,333 households a day are being hit with higher mortgage rates. It comes as the Bank of England maintained interest rates at 5.25% earlier this month, the Lib Dems have found. A typical mortgage holder will see their payments rise by £240 a month.

The Lib Dems said Rishi Sunak’s claim that his economic plan is working shows he is living in a “parallel universe,” at a time when families are saddled with hundreds of pounds a month more on their mortgage. The party said the Prime Minister is set for a “blue wall reckoning” with the data showing Liberal Democrat - Conservative battlegrounds such as Taunton Deane, Tewkesbury and Steve Barclay’s seat of North East Cambridgeshire among the worst affected.

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In total, households coming off fixed rate mortgages ahead of polling day will pay an additional £290 million in mortgage costs over the next year. Liberal Democrat Treasury Spokesperson, Sarah Olney said: “This Conservative government crashed the economy and now they are condemning hard-working households to a mortgage nightmare.

“Rishi Sunak’s claim that the government’s plan is working shows he is living in a parallel universe, as every day thousands of families are seeing their mortgage go up by eye-watering amounts. The Prime Minister is set for a blue wall reckoning in key battleground seats where fed up voters are ready to say enough is enough with this out-of-touch Conservative Government on 4th July.”

Labour, the Conservative Party and the Lib Dems all head to the polls on July 4.