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

The party’s economy spokesperson said:

“Today the Bank of England hiked its interest rate for the 10th time in a row.

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

“Workers and families are now paying hundreds of pounds more than this time last year in mortgage payments each month in a cost living crisis when energy, food and fuel bills are also soaring.

“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.

“As energy giants announce obscene record profits, it is clear much more could be done to provide targeted relief with the cost of living paid for through a proper windfall tax.

“I have written to the British Chancellor urging him to act to help 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.”