JULIE ELLIOTT: Working people should not be paying the price for this 'reckless' Tory Government

The mortgage bombshell dropped by Tories is causing huge problems for ordinary families, says Julie.

As a result of the Conservatives crashing our economy, people in Sunderland are being hit hard by the Tory Mortgage Bombshell.

There are so many people in Sunderland that have worked hard to save up to put down a deposit and buy their home – they may want to start a family, take care of a loved one, or finally have a place to their own.

However, under the Conservatives, UK households are paying almost £100 more a month than in other European countries, and the Resolution Foundation has estimated that households remortgaging over the next year will be paying an average of £2,900 more in annual mortgage payments.

This is simply not fair; working people should not be paying the price of a Conservative Government. As food prices continue to rise, energy costs remain high, and taxpayer funded services continue to struggle from years of Conservative austerity and underfunding, the country cannot afford a Prime Minister so disconnected from the issues affecting people today.

Labour has a plan - A Labour Government would require lenders to allow borrowers to switch to interest only mortgage payments for a temporary period, to ease the burden.

We would require lenders to allow borrowers to lengthen the term of their mortgage period and we would make Government restrictions on repossession mandatory. We would also protect renters by bringing in a renter’s charter to end ‘no-fault’ evictions, and by introducing a mandatory four month notice period for landlords.

Labour would also reverse the reckless Tory planning changes to build more affordable houses, giving first dibs on new houses in some areas to first time buyers.

We believe that a house is more than that – it’s a home.

Whilst the Conservatives tell homeowners to ‘hold their nerve,’ we need a Government that acts, not a Conservative Government that is willing to make working people pay for their mistakes.

If the Prime Minister is not interested in providing support for homeowners and renters, he should stand aside and call a General Election, because we do have a plan that puts the power back into the hands of families across the country.