‘Nightmare before Christmas’: soaring mortgage rates casting Christmas misery
The Liberal Democrat government are pleading with ministers to stop banks from repossessing people’s homes over the Christmas period.
Speaking on the subject yesterday, Sir Ed Davey, the Lib Dem Leader, said families were facing a ‘nightmare before Christmas’ as mortgage rates are continuing to climb. As a result, Mr Davey is pleading for a repossession ban until 31st December, which is similar to a rule that was imposed during the pandemic.
In addition to stopping banks from taking people’s home, the Lib Dem leader is also demanding action to prevent private renters from being evicted in England.
These demands came after the Bank of England announced around four million UK households will be facing higher mortgage payments next year, with the typical payment increasing to £250.
Additionally, the latest figures from the Office of National Statistics (ONS) displayed the UK economy shrank by 0.3% in August due to the current cost-of-living crisis.
Sir Ed Davey has said: ‘The Conservative government put hundreds of pounds on people’s mortgages through their disastrous mini-budget. The very least they could do now is to take responsibility for fixing this mess and protecting homeowners on the brink.
‘No-one should face losing their home this Christmas because the Conservative government crashed the economy.’
Currently, the latest government figures display mortgage possession claims in courts hit 3,680 between July and September this year – a 30% increase on the same period from last year, however they are still lower than from the COVID-19 pandemic.
Photo by Towfiqu barbhuiya