Sinn Féin MLA Conor Murphy has called on the British government to do more to support homeowners struggling with rising mortgage repayments.

The party’s economy spokesperson said:

“The Bank of England is expected to hiked its interest rate this week for the 13th time in a row.

“Some home-owners, who have already been squeezed over recent months, will face further increases to their mortgages.

“Workers and families are now paying hundreds of pounds more in mortgage payments. This is at the same time as a cost living crisis when energy, food and fuel bills continue to bite in to family budgets.

“The British government needs to do more to support homeowners with rising mortgage repayments by providing targeted support to those whose mortgage interest rates have risen over the past year.

“The British Chancellor should act to help hard-pressed homeowners.

“There is also an onus on financial institutions to support people who have seen significant increases in repayments over the past year – no family should be losing their home due to inflexible banks or lenders. 

“The regressive economic policies of the Tories have contributed to driving up interest rates and a reversal in policy is urgently needed. 

“Rather than giving tax breaks to banks the Tory government should ensure public services are properly funded and workers receive fair pay.”