Shadow chancellor Rachel Reeves has claimed “average mortgage payments” are set to increase by £2,900 “this year”. But that’s not quite what the Resolution Foundation data her claim appears to be based on shows. (1/2)
When Full Fact asked Labour about Ms Reeves’ comments, we did not receive a response, but it appears likely she was also quoting the same Resolution Foundation figure. If so, there are two problems with her claims.makes clear that the £2,900 figure actually refers to the estimated average annual increase in repayments for households whose current fixed-rate mortgage deal expires in 2024, assuming they go on to remortgage on another fixed deal of a similar length. .
And it’s not an estimate for the increase in “average mortgage repayments” across all mortgages, which might have been assumed because Labour gave no indication that the figure concerns only mortgage holders with a fixed-rate deal expiring in 2024. It does not consider how payments may change for the millions of mortgage holders with fixed-rate mortgages which expire in a different year, or those on variable-rate or tracker mortgages., approximately 1.
The Resolution Foundation told Full Fact it could not produce an estimate for how these types of mortgages might change over the course of this year, but projects they will also face “significantly higher repayments”, with interest rates for floating rate mortgages currently predicted toThe £2,900 figure also doesn’t cover homeowners with ongoing fixed-rate mortgage deals past 2024, who won’t see any change in their monthly payment until their fixed deal expires.
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