A local Fife candidate has welcomed news that a UK Labour government would do more to protect mortgage holders after figures showed an average mortgage holder in the Kingdom could see their monthly bill increase by as much as £170.
Graeme Downie, Scottish Labour General Election candidate for Dunfermline & Dollar, welcomed the announcement made by Shadow Chancellor, Rachel Reeves MP, last week that a UK Labour government would require all lenders to bring in measures such as allowing borrowers to switch to interest only mortgage payments for a temporary period or to lengthen the term of their mortgage period.
It follows interest rates rising for the 13th time in June, increasing the painful squeeze on family finances.
Mr. Downie is concerned that the increase in mortgages will hit people in cities like Dunfermline particularly hard with a high number of newer housing.
He said the situation is made worse by the SNP’s refusal to use the powers they have and adopt Scottish Labour’s plans for a Mortgage Rescue Scheme to help people lower their payments and provide a safety net for those at risk of losing their homes.
Commenting, Graeme Downie, Scottish Labour General Election candidate for Dunfermline & Dollar, said:
“The sudden increases in interest rates and mortgage costs caused by the disastrous handling of the economy by Boris Johnson, Liz Truss and Rishi Sunak is already hitting families in Dunfermline very hard.”
“By refusing make support measures mandatory, the Conservative Party are putting the fate of households in Dunfermline in the hands of huge banks rather than families.”
“A UK Labour government will require support to be made available to mortgage holders in Dunfermline, West Fife, Dollar and across Fife and help people with rising living costs and bills.”