Homeowners still reeling one year on from disastrous Tory budget

Even a year after the government’s disastrous mini-budget, homeowners are still reeling, says Northumberland Labour.

Leader Scott Dickinson said: “After over a decade in power this government seems happy to subject its people to experiments which have no evidence of working behind them.

“Kwasi Kwarteng and Liz Truss’s policies sent the economy into a tailspin overnight and we still have not recovered. This month many homeowners are going to see mortgage rises which they can ill afford alongside the other rises in living costs.

“This government tells us it’s ‘delivering for the British people’. What they’re delivering and which British people I can’t say, because I’ve never met one of these people they’re supposed to be delivering for.

“A Labour government will truly put people first. We will not stand by as millions face a mortgage catastrophe while many others have little or no hope of even getting on the housing ladder.”

A Labour government would instruct the regulator to require lenders to:

• Allow borrowers to switch to interest-only mortgages for a temporary period

• Allow borrowers to lengthen the term of their mortgage period

• Reverse any support measures when the borrower requests