14,250 mortgage holders in Croydon will see hikes by hundreds of pounds in 2023

14,250 households in Croydon will face an eyewatering jump in mortgage repayments next year as a result of the Conservatives crashing the economy.

Analysis by the Labour Party using Bank of England data showed that homeowners coming off two-year fixed term mortgages in October 2022 are set to pay £500 a month more on average after the government’s disastrous mini-Budget handed unfunded tax cuts to the wealthiest.

Further investigation has found that the number of people refinancing on the terms above is forecast to be 1.8 million people out of a total 6.8 million mortgage holders – or one in four of all mortgage holders in the UK.

That means an estimated 14,250 households in Croydon will be paying hundreds of pounds a month more from next year as rates top 6%.
The Conservatives have sacrificed homeowners across the country who now have a Tory premium to pay on their mortgages. Young people in Croydon who have scrimped and saved for a deposit have in the blink of an eye been thrown under the bus.

This is not simply an unfortunate mistake. It is an unforgivable act of national self-harm that has crashed the economy. A Tory crisis, created in Downing Street, paid for by working people.

At our party conference last month, Labour announced a comprehensive plan to target 70% homeownership, including giving first-time buyers first dibs on new developments and a state-backed mortgage insurance scheme.