Homeowners are turning their backs on the Tories as high interest rates increase the costs of their mortgages, exclusive polling for theipaper shows 🔴 Exclusive from poppyeh and paulwaugh
cost of repaying the average mortgage is now nearing highs seen in the 80sResearch by Stonehaven found that as many as 3m households could be vulnerable to defaulting on their mortgage repayments in the face of anticipated further interest rate hikes, which could rise by another 0.5 per cent next week.
Stonehaven calculated the ratio of household income to mortgage rate among those polled in its survey, and scaled up the results against the 8m UK mortgage holders to paint a national estimate. It said those in “extreme danger” likely “have little in the way of savings and so literally have no significant financial horizon”, adding that “one financial event would drive them into mortgage default”.
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