Scottish families paying £5,000 more a year on mortgages than in 2021
12.08.2023 - 03:49
/ dailyrecord.co.uk
Scottish families are paying £5,000 more a year on mortgages than they were in late 2021, SNP-commissioned analysis has shown. The figures show that a typical Scottish family on an average two-year fixed mortgage rate would be paying £5,268 more in interest than they were two years ago.
The analysis shows that a typical family in Scotland on an average two-year fixed-rate mortgage of 6.85 per cent, would be paying around £1,130 a month. This comes after the Bank of England raised interest rates to 5.25 per cent on August 3.
That is £439 more in interest per month and £5,268 more a year than that same family would have paid for a two-year fixed-rate mortgage in November 2021. In total, the monthly cost of an average £166,431 two-year fixed-rate mortgage in Scotland has risen by almost two thirds - some 63 per cent - from £691 a month to £1,130.
In November 2021, the average two-year fix was 2.29 per cent but it is 6.85 per cent after the Bank of England raised interest rates for the fourteenth consecutive time. The SNP has challenged Prime Minister Rishi Sunak and Labour leader Keir Starmer to do more to help families with the soaring cost of living.
SNP Housing spokesperson Chris Stephens said: "Westminster parties have trashed the UK economy - and millions of households across Scotland are paying the price as the cost of living in the UK soars. It's essential the UK government follows Scotland's lead and does more to help people with the cost of living, including by matching progressive policies like the Scottish Child Payment and by helping those who are struggling to pay sky-high mortgages and rents.
"The SNP is the only party offering real help with the cost of living - and a fairer and wealthier future with independence.
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