Ruth Cadbury warns over 10,000 households locally are likely to be hit by mortgage payment increases

Image above: Ruth Cadbury MP in the House of Commons

Brentford and Isleworth MP says households could see increases of more than £5,900 in their mortgage payments

Ruth Cadbury, the MP for Brentford and Isleworth, has issued a stark warning regarding the impending financial burden facing more than 10,000 households in her constituency.

Her figures come from new analysis which shows a predicted rise of £5,900 in mortgage payments which will have an impact on 10,900 households in Brentford & Isleworth.

The warning comes as banks are withdrawing many of their existing mortgage deals as interest rates are increasing.

Data from Moneyfacts indicates that the average rate for a two-year fixed-rate loan has surged to nearly 6%, nearly doubling from the previous year. Additionally, the Resolution Foundation estimates that the rise in mortgage rates, following the disastrous mini-budget by Liz Truss’ government, will impact approximately 6.5 million households by 2026.

Economists have this week highlighted the potential for job losses and a severe recession. The latest economic growth forecasts indicate the UK is struggling to regain momentum, with a meagre projected growth rate of just 0.2% for the year.

Image above: Ruth Cadbury MP

Government’s handling of the economy has been “disastrous” says Ruth Cadbury

Ms. Cadbury commented on the analysis, criticising the Government’s handling of the economy over the past 13 years:

“The Government’s mishandling and mismanagement of our economy over the past 13 years is having a disastrous impact on people locally and across the country. Food prices are skyrocketing and now mortgage repayments are set to increase while wages and pay remain low.