TORIES TOLD TO “GET A GRIP” AFTER RISE IN NUMBER OF HOMEOWNERS FALLING BEHIND ON MORTGAGE PAYMENTS


Source: https://www.theguardian.com/business/2022/oct/11/rise-in-uk-borrowers-falling-behind-on-mortgage-payments-says-santander


The Tory government has been told to “get a grip” of the cost-of-living crisis and the fallout from its disastrous budget by the MP for Dundee East, following warnings that the number of homeowners falling behind on their mortgage payments is on the rise.


The UK’s fourth largest mortgage provider, Santander, announced plans to set more money aside for potential defaults as rates continue to rise and households struggle after the Tory budget pushed the UK to the brink of economic catastrophe.


Local MP Stewart Hosie said homeowners were being made to pay the brutal price of Westminster control and warned of the growing threat of a housing crash.

Commenting, Stewart Hosie MP said:


“The Tory government’s budget has been an utter disaster – putting people’s homes, pensions and incomes at risk, and demonstrating once again that Scotland needs independence so we can escape harmful Westminster control and get rid of the Tories for good.


“The latest grim warnings of a rise in the number of homeowners falling behind on their mortgage payments must be a wake-up call for the Prime Minister and Chancellor to get a grip of the economic crisis it has created by reversing the damage of its budget and acting to get mortgage rates back under control.


“Households across Scotland and the UK are being forced to pay a heavy price for Tory wreckonomics – with the very real threat of a housing crash and people losing their homes. In stark contrast, the SNP Scottish Government is taking the steps it can to support people by freezing rents and putting money in people's pockets through the Scottish Child Payment. "However, it should not be left to the Scottish Government to clean up the mess as the Tories inflict hammer blow after hammer blow to the economy, households and businesses.


"It's beyond any doubt that only with independence will we be able to keep Scotland safe and escape Westminster control and the long-term damage and chaos it continues to inflict."

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