New research published by the Labour Party predicts that a total of 546,600 households in Scotland could be affected by an average increase of £190 per month in their mortgage payments by the end of next year.
The figures suggest that Edinburgh residents will be the hardest hit, with monthly bills projected to rise by £280.
Households in East Lothian and East Renfrewshire are forecasted to face a rise of £270 per month, while those in East Dunbartonshire could see a monthly increase of £260.
The research also estimates that 29,500 homes in Aberdeenshire will be affected, with homeowners remortgaging next year predicted to pay an extra £210 per month on average.
These figures have sparked concern from the Labour Party, with shadow Chancellor Rachel Reeves criticising the economic policies of both the Tory and SNP Governments. She said: “Across Scotland, families are being hit hard by the toxic combination of a Tory mortgage bombshell and an incompetent SNP distracted by scandal.”
Reeves accused both Governments of failing to provide adequate support for households amidst rising mortgage costs. She further criticised the Tory Government for not making its mortgage charter mandatory, which she argued leaves Scottish households without the necessary mortgage support.
She continued: “Labour’s mandatory plan and our Mortgage Rescue Scheme to ease the Tory mortgage bombshell offers Scottish families practical help now, while our commitment to fiscal responsibility and growth will secure our economy for the future.”
