Lib Dem Treasury spokesperson Sarah Olney (pictured) is calling for an Emergency Mortgage Support Fund to be set up to help those who cannot pay the bills and risk losing their homes.
Homeowners face a double whammy as the energy price cap hits £3,359 in October and will now rise every 12 weeks instead of the current six months.
Successive increases to the Bank of England’s base rate since February mean that the typical mortgage holder on a tracker rate is already paying an additional £156 a month when compared to before the the rises.
In the face if spiralling prices and the news of energy cap rises every 12 weeks Olney is calling for an Emergency Mortgage Support Fund to be set up to help those who cannot pay the bills and risk losing their homes.
She said: “This is a hammer blow to homeowners who are already struggling to keep up with sky-rocketing bills.
“The mortgage ticking time bomb could prove disastrous for families and pensioners facing unimaginable energy bills this winter.
“The mortgage ticking time bomb could prove disastrous for families and pensioners facing unimaginable energy bills this winter.
“Boris Johnson has clocked off and Liz Truss and Rishi Sunak are completely clueless on how to solve the cost of living crisis.”
