Tories kicking home ownership out of reach for young people

People in Scotland are paying the price for Westminster failure

The SNP has said the Tory government has "kicked the dream of home ownership out of reach for millions of younger people and is forcing mortgage holders to pay through the nose to just keep a roof over their heads" - as HSBC becomes the latest lender to withdraw mortgage deals for new borrowers amid soaring interest rates.

With predictions the Bank of England could increase interest rates yet again, from 4.5% to as high as 5.5%, hundreds of mortgage deals have been withdrawn in recent days.

Earlier this week, data from UK Finance revealed mortgage arrears are rising and, excluding the spring 2020 covid lockdown, the number of first-time buyers is at its lowest level since 2015, and the number of home movers is at its lowest level since 2009.

Separately, this week, data from Moneyfacts revealed the typical rate for a new fixed-rate mortgage deal is now 5.75% for a two-year deal and 5.44% for a five-year deal.

Commenting, SNP Social Justice spokesperson David Linden MP said:

"People in Scotland are paying the price for Westminster failure as the cost of living in the UK soars - showing exactly why Scotland needs to escape Westminster control with independence.

"By trashing the UK economy, the Tory government has kicked the dream of home ownership out of reach for millions of younger people and it's forcing mortgage holders to pay through the nose just to keep a roof over their heads.

"The SNP is the only party offering real change with independence - while the Tories and pro-Brexit Labour Party only offer the same damaging policies wrecking the UK economy.

"It's essential the UK government urgently steps up to the plate to help first time buyers and struggling mortgage holders.

"At the election next year, voting SNP is the only way to get rid of unelected Tory governments for good, tackle the cost of living, and deliver real change with independence."