Those of us with mortgages are soon to get hundreds of reasons a month not to vote Conservative again aren't we?
Full Fact
in an interview with Sky News, Labour leader Sir Keir Starmer claimed some people’s mortgage payments are to rise by an average of £500 per month as a “direct consequence” of the government’s mini-Budget.
Mr Starmer was quoting figures from a Labour Party analysis, reported in the Independent, Manchester Evening News and elsewhere, and it appears that the Labour Party tweet and similar ones from MPs are also based on the same source.
That analysis found that across the country some homeowners face an increase in monthly mortgage payments of around £500. But it wasn’t an estimate for all mortgages—instead, it looked specifically at the rise in payments now faced by those coming off a two-year fixed-term mortgage.
And it wasn’t comparing mortgages now to those just available just before the mini-Budget, but rather those available in August 2020. This was not made clear by Mr Starmer in the clip shared by Sky News, or in the Labour Party’s tweet.
Mortgage rates have risen sharply in the past few weeks, and some mortgage experts have attributed this to the mini-Budget, though this is disputed by others and movements in financial markets may be due to different factors. But what we do know is that the £500 increase in monthly payments estimated by Labour isn’t solely a consequence of the mini-Budget, because much of that increase is due to rates rising before the mini-Budget took place.
fullfact.org/economy/labour-starmer-budget-mortgage-increase/
Almost three-quarters of people aged 65 years and over in England own their home outright.
Have Labour announced their policies on inheritance tax yet? I don't want to lose my inheritance from my parents.