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Local MP Concerned Over Homeowners Falling Behind Mortgage Payments


Categories: Constituency, Economics

Scottish Homeowners Paying Brutal Price of Westminster Control

Stirling’s MP Alyn Smith has expressed extreme concern, following warnings that the number of homeowners falling behind on their mortgage payments is on the rise.

The UK’s fourth largest mortgage provider, Santander, announced plans to set more money aside for potential defaults as rates continue to rise and households struggle after the Tory budget pushed the UK to the brink of economic catastrophe.

Local MP Alyn Smith said homeowners were being made to pay the brutal price of Westminster control and warned of the growing threat of a housing crash.

Alyn Smith MP said:

‘The UK Government’s Tory budget has been an utter disaster – putting people’s homes, pensions and incomes at risk, and demonstrating once again that Scotland needs independence so we can escape harmful Westminster control and get rid of the Tories for good.

‘The latest grim warnings of a rise in the number of homeowners falling behind on their mortgage payments must be a wake-up call for the Prime Minister and Chancellor to get a grip of the economic crisis it has created, by reversing the damage of its budget and acting to get mortgage rates back under control. There’s a real danger of a housing crash on the Tories’ watch, compounding cost of living woes and rising inflation. Households across Stirling are furious and worried sick.’

Notes for editors:

Rise in UK borrowers falling behind on mortgage payments, says Santander

Faisal Islam on Twitter: Ongoing rise in government borrowing costs means no respite in mortgage market – those typical 2 year mortgages that only hit 6% last week, are now less than a week on already at 6.43%. 5 years at 6.29%. Were 4.2% at beginning of last month. latest Moneyfacts data via @PeacheyK