The Government can not wait until November 23rd to confirm its fiscal plans and must act now to defuse a “mortgage ticking time bomb”, according to Liberal Democrat leader Ed Davey (pictured).
The Lib Dems predict that 168,000 homeowners fixed terms will come to an end between now and then leaving many facing the prospect of significantly higher mortgage payments.
UK Finance figures show that there are 600,000 fixed-rate mortgage deals are coming to an end in the second half of this year, while rates are expected to top out at over 7%.
Davey said: “Every day the Government fails to defuse this mortgage ticking time bomb, thousands more homeowners are being hit with staggering hikes to their bills,” he said.
“But Kwasi Kwarteng has shown he doesn’t get it or doesn’t care. He may see it as just a ‘little turbulence’, but for people facing a catastrophic increase to mortgage payments it could mean losing their homes.
“Waiting until November 23rd to act will be far too late for the thousands of families being tipped into mortgage misery.
“Conservative MPs must act now to help struggling mortgage borrowers on the brink.
“The Conservatives created this mortgage nightmare with their disastrous and out-of-touch budget, now they need to take action to fix it.”
