Charlotte Cane MP Warns of Increase to Mortgage Payments

Analysis by Charlotte Cane MP has revealed the huge sums Trump’s inflationary war in Iran could slash from family budgets, pushing bills up by an eye-watering £2029 in East Cambridgeshire.

Local Liberal Democrat MP Charlotte Cane is warning of new mortgage misery as stark new data analysed by the party shows Trump’s inflationary war could hit mortgage bills by thousands of pounds a year, with the massive price increases homeowners across the country could expect to shoulder brought into sharp focus.

People taking out a mortgage in East Cambridgeshire could face a massive £2029 increase to their mortgage payments, compared to what they would be paying if they had taken out their mortgage before Trump’s Iran war, as the effect of “Trumpflation” pushes up borrowing rates. According to MoneyFacts, the average interest rate for a two-year deal has jumped from 4.84% at the end of February to 5.87% now.

Charlotte Cane is also warning that people renting their homes could see significant increases to their bills as landlords are set to pass on rising mortgage costs to renters. Industry expert Aneisha Beveridge told The Times this month that landlords might try to raise rents due to soaring mortgage costs, comparing the current squeeze to the interest rate spike caused by the Ukraine conflict in 2022.

Charlotte Cane has also highlighted the additional pressure many rural households face from heating oil costs, having repeatedly campaigned for fairer support for off-grid homes across Ely and East Cambridgeshire.

The local Liberal Democrat MP is calling on the Government to take urgent action to protect families, starting with the party’s proposed emergency fuel package. The measures would cut fuel costs by £6.60 a tank, reduce bus fares to £1 from the current £3 cap, and lower rail fares by 10%, while ensuring rural communities that rely on heating oil are not left behind.

Charlotte Cane MP for Ely and East Cambridgeshire said:

“Families across East Cambridgeshire are already stretched to breaking point, and this latest spike in mortgage costs will be deeply worrying for many homeowners and renters alike.

“At a time when people are doing everything they can to make ends meet, seeing housing costs rise by thousands of pounds is simply unacceptable.

“For many rural residents already facing higher bills, including those who rely on heating oil to heat their homes, this will feel like yet another hammer blow.

“Ministers need to act now to bring costs down and give people breathing space, including backing our plans to cut fuel prices and support communities being hit hardest.”