Following the news that the average 2-year mortgage rate has risen above 6%, Liberal Democrat leader Ed Davey is once more urging the Government to take action.
Davey voiced concern over the potential disaster for struggling families fearing the loss of their homes. He accused the current Government of being passive, providing no aid to working people experiencing hardship due to these rising mortgage costs.
In a strongly worded statement, Davey said: “The time for the Government to step in is now, anything else will be a disaster for struggling families worried about losing their homes.
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“This Government is sitting on their hands, giving no help to ordinary working people who suffer. It’s just plain wrong.Â
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“Liberal Democrats are calling on Rishi Sunak to finally listen to those who need help and immediately end this mortgage horror show with a Mortgage Protection Fund.”
To address this growing issue, the Liberal Democrats are pushing for Prime Minister Rishi Sunak to take note of those in need and immediately alleviate the ongoing ‘mortgage horror show’. As a solution, the party is advocating for the establishment of a Mortgage Protection Fund.
The Lib Dems proposed Mortgage Protection Fund would cost £3bn and be funded by a windfall tax on banks.
However, yesterday Sunak ruled out any Covid-style handouts for mortgage holders while Chancellor Jeremy Hunt is also reported to have dismissed the idea.
