100,000 households face mortgage rate hike by polling day
House of Commons Library research commissioned by the Liberal Democrats has found that 100,000 households will face a mortgage increase between now and polling day on 4 July.
This amounts to an average of 3,333 households a day being hit with higher mortgage rates. A typical mortgage holder will see their payments rise by £240 a month and households coming off fixed-rate mortgages ahead of polling day will pay an additional £290 million in mortgage costs over the next year.
Aaron Strutt, product director at Trinity Financial, says: "If your mortgage is coming to an end then it makes sense to check the rates your lender is offering you to stay and then assess the rest of the market.
"Most of the lenders are offering their lowest rates to borrowers locking in for five years, although there are two and three year fixes available for borrowers looking for shorter term options."
Liberal Democrat Treasury Spokesperson, Sarah Olney said: “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.”
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The information contained within was correct at the time of publication but is subject to change.
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