Jeremy Hunt rules out government help on mortgage interest rate problems
With interest rates on mortgages showing no sign of relief, those struggling with mortgage repayments are not going to receive financial help from the Government according to Jeremy Hunt.
The Chancellor of the Exchequer has made it clear that he nor the Government will bail out stricken Brits despite a depressing two-year mortgage fixes soaring over 6%. This is not the news that millions of people struggling to pay their mortgages wanted to hear.
Although Jeremey Hunt has said there will be no financial help for all those struggling each month to put a roof over their heads, he has summoned bank chiefs for a meeting on Friday. He wants to discuss the mortgage crisis due to pressure from other MPs who are worried that millions of people are at risk of losing their homes.
With the latest news that interest rates could go up again this month, we have had emails from our readers In Manchester, Skegness, Grimsby, Leeds, Hull, Lincoln, Boston, Liverpool, and Rhyl, who are struggling.
One woman from Rhyl, who we will not name has said she expects to lose her home within the next 12 months. Due to the high cost of living and the high interest rates, she has not been able to pay her mortgage for the past four months. She is not alone. We have had readers from Grimsby, Boston, Lincoln, and Liverpool who have said they have missed at least three mortgage payments this year. According to new figures, missing mortgage payments has become a common problem due to high interest rates and the high cost of living.
According to a new report more than 700,000 UK household have not been able to afford to pay their mortgage last month. Sadly, in 2022 there were 21,332 repossessions in England, and according to experts, there will be a huge increase of repossessions this year.
Conservative MP Sir Jake Berry asked Mr Hunt in Parliament on Tuesday to consider “reintroducing a bold Conservative idea of mortgage interest relief at source” to avoid what he described as a “mortgage bomb” happening.
“If we don’t help families now all the other money, we have spent helping them will be wasted if they lose their home,” he said.
Jeremy Hunt said the government was not considering any financial help.
The Chancellor told the Commons that he would be meeting with principal lenders “later this week” to see what help they can offer struggling households facing higher mortgage costs without increasing inflation.
