Almost half of mortgage borrowers in the UK fear they could lose their homes due to soaring bills, a new poll commissioned by the Liberal Democrats reveals. This shocking finding comes as the average 2-year fixed mortgage rate hits a 15-year high of 6.66%.
According to the poll conducted by Savanta, 46% of adults with mortgages expressed concerns about losing their homes due to unpaid bills in June. Furthermore, six out of ten mortgage borrowers are anxious about needing to reduce their food bills due to increasing housing costs.
Additionally, 45% were concerned about the possibility of borrowing from friends or family to cover a bill, while 48% feared having to cancel a holiday due to higher costs.
The Liberal Democrats are responding to these concerns by calling for a Mortgage Protection Fund. This fund would provide targeted support of up to £300 per month to families who are most vulnerable to the rising mortgage costs and face potential loss of their homes. The party suggests the fund could be financed by reversing Conservative tax cuts to large banks.
Liberal Democrat Leader Ed Davey described the situation as a “mortgage ticking time bomb” caused by the “chaos unleashed by this Conservative Government.”
He criticised Prime Minister Rishi Sunak for refusing to assist homeowners, accusing him of treating them like “collateral damage.” Davey emphasised the necessity for targeted support to prevent families from losing their homes through no fault of their own, warning that the issue can no longer be ignored.
