said he was “shocked” that 35,000 households could face up to £1,000 increases in their monthly repayments this year if interest rates hit 6 per cent, which markets have predicted by early 2024 due to stubbornly high inflation.
The Bank of England is now widely expected to once again raise base interest rates to 4.75 per cent on Thursday in a further effort to rein in inflation, adding further costs to borrowing and mortgages. He called on the Government to recreate Margaret Thatcher’s and then-chancellor Geoffrey Howe’s 1983 scheme to allow borrowers to claim tax relief for interest payments on their mortgage, describing it as a “huge success story” that allowed more people to own their own home.
Jonathan Gullis writes for ipaperviews 🖊️ We must look to Thatcher if we want to fix the mortgage crisis