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LibDems call on Rishi Sunak to hold emergency mortgage summit

Christina Hoghton
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Christina Hoghton

There has been speculation that interest rates could be hiked further next week, causing more mortgage misery

The Liberal Democrats have called on Rishi Sunak to hold an emergency summit in Downing Street with banks and mortgage lenders to discuss support for homeowners.

This comes after it said some homeowners were ‘on the brink’, as cheaper deals are pulled from the market.

There has been speculation the Bank of England could increase interest rates further next Thursday (22nd June). This could hit mortgage borrowers with further increases to their monthly payments either now, or when they renew their mortgage deal.

The LibDems added that some mortgage lenders have temporarily pulled deals from the market in recent days, as gilt levels rise even higher than in the aftermath of the mini budget.

Emergency support fund

The political party is now calling for an emergency support fund for mortgage borrowers, which would provide temporary grants to those most at risk of losing their homes.

Liberal Democrat treasury spokesperson, Sarah Olney MP, said: “This Conservative government has unleashed mortgage hell for millions of homeowners but isn’t lifting a finger to help.

“Rishi Sunak is totally out of touch with the concerns of people across the country worried sick about how they will afford their monthly mortgage payments.

“The Prime Minister should haul the banks into Downing Street and discuss what extra support can be given to homeowners on the brink. The very least that Conservative Ministers should do is take responsibility for the mess they’ve created instead of sitting on the sidelines.”