Families in Crawley facing a £3,500 hike in mortgage payments this year

With household finances for many already at breaking point, the last thing families need is another increase in their housing costs. Unfortunately, for the 11,100 families in Crawley due to re-mortgage this year, the ongoing hike in interest rates means they face an average increase in their annual mortgage repayments of £3,500.

Interest rates in the wake of Liz Truss’s ‘mini-budget’ last October have grown quickly from 2.25% to 5%, with many investors now predicting that they will peak at 6.25%, adding tens of thousands of pounds to people’s debt and leaving hundreds of families in Crawley at risk of re-possession.

Economists have already warned that further increases in interest rates put the UK at risk of a sharp recession and significant job losses. For a town still recovering from the impact of the Government’s COVID regulations, it would be a bitter pill to swallow.

Commenting on the figures, Peter Lamb, Labour candidate for Crawley, said:

“Crawley residents are paying the price of the Conservatives’ mishandling of the economy and their failure to support families through the UK’s ongoing cost of living crisis.

“The Government is risking thousands of local homes on the desperate attempt to meet Rishi Sunak’s pledge to half inflation by the end of the year. Not only are they failing in their goal, they are just increasing people’s housing costs at a time when they can least afford it. It isn’t working. It’s time for change and a Labour Government focused on delivering the growth the UK needs to see households return to prosperity.”