Almost 8,000 mortgage holders in Harrow will see hikes of hundreds of pounds next year, an MP claims.
And Harrow West MP Gareth Thomas says an "unforgiveable" crisis created by Conservatives has also thrown young people "under the bus" with interest rises that put first homes out of reach.
Data from the Bank of England cited by the Labour party shows that homeowners coming off two-year fixed term mortgages in October 2022 are set to pay £500 more a month on average.
Labour estimates that 7,872 households in Harrow will pay hundreds more next year as rates top six per cent.
Mr Thomas said: “The Conservatives have sacrificed homeowners across the country who now have a Tory premium to pay on their mortgages.
“Young people in Harrow who have scrimped and saved for a deposit have in the blink of an eye been thrown under the bus.
“This is not simply an unfortunate mistake. It is an unforgivable act of national self-harm that has crashed the economy.
“[This is] a Tory crisis, created in Downing Street, paid for by working people. I fail to see how the fifth Conservative Prime Minister in seven years will fix it.”
Labour shadow housing secretary, Lisa Nandy, claims that Labour’s plan would tackle this by giving first-time buyers first dibs on new developments and a state-backed mortgage insurance scheme.
In response, a government spokesperson said there are a “range of factors” affecting mortgage and interests rates – including Putin’s invasion of Ukraine.
A statement reads: “The Government has taken immediate action to ensure the UK’s economic stability and demonstrate its commitment to fiscal discipline - in order to provide stability for markets, including mortgages.
“FCA rules require firms to deal fairly with customers in payment difficulties.
“More broadly, we have taken decisive action to protect people from rising energy bills, saving the typical household around £700 this winter, based on what energy prices would have been under the current price cap, and are also providing payments of £1,200 to the eight million most vulnerable families.”
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