Around 1.1 million households will see a mortgage hike before the General Election before a potential general election in November, research has found.
According to research by Liberal Democrats, which used FCA data, showed that 1.1 million fixed rate terms will end between February and October and of these 700,000 fixed rate mortgages will expire between May and October.
A typical homeowner will have seen their monthly mortgage interest payments have gone up by £240, equivalent to a 39 per cent rise.
Around 120,000 will see their mortgage deals come to an end each month, or over 4,000 a day.
The Liberal Democrats are calling on the government to introduce a mortgage protection fund to support struggling families paid by reversing Conservative tax cuts to the bank.
Liberal Democrat’s treasury spokesperson Sarah Olney MP said: “Every day thousands more homeowners are being hit with an astronomical rise to their monthly mortgage bills. This is a devastating blow to family finances in the middle of a cost of living crisis.
“It is scandalous that families are being left to pick up the tab for Liz Truss crashing the economy. Rishi Sunak needs to help out those at risk of losing their homes over the Conservative Party’s economic vandalism.
“We need a general election now to end this Conservative chaos. The sooner we put this Conservative government out of its misery the better for the economy, the country and the money in people’s pockets.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
