Mortgage misery: Sunak must hold emergency summit in Downing Street

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 on the brink, as cheaper deals are pulled from the market.

It comes after speculation the Bank of England is set to increase interest rates further, hitting mortgage borrowers with even higher increases to their monthly payments when they renew.

Several mortgage lenders have temporarily pulled deals from the market in recent days amid chaos in the mortgage market as gilt levels rise even higher than in the aftermath of the mini budget.

The Liberal Democrats are 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.”

ENDS