Not everyone is in the same position, but one thing I am hearing time and again from many different people in Crawley is that their mortgage repayments have suddenly gone up massively, particularly as current fixed rate periods come to an end. It’s a serious problem, caused by huge economic mismanagement by the Tories over a sustained period, and Liz Truss crashing the economy.

With interest rates rising to 5%, Labour has set out a five-point plan to ease the hit from soaring mortgages and halt repossessions in Crawley.

It comes as new figures show mortgage rates are higher in the UK than in other European countries. That gap in mortgage payments being calculated as approximately £1,000 more. The average mortgage costs will be going up by a crippling £2,900 per year.

Labour has called on the government to urgently introduce measures requiring lenders to allow borrowers to switch to interest only mortgage payments for a temporary period, to allow borrowers to lengthen the term of their mortgage period, to reverse any support measures when the borrower requests, lenders to wait a minimum of six months before initiating repossession proceedings, and anyone exercising these options should not see their credit score affected.

While the Government has agreed some of these measures with some of the banks, the voluntary nature of the measures mean around two million people could miss out on support because they are not mandatory.

Labour would also bring in a Renters’ Charter ending ‘no-fault’ evictions and introduce four-month notice periods for landlords.

Labour’s long-term plan to bring stability back to the UK economy will also play a vital role in getting inflation and interest rates down.

The Conservatives crashed the economy – and now we are paying the price.

The next Labour Government will restore the economic and financial security that families deserve. Our five-point plan to ease the Tory mortgage penalty offers practical help now.

After 13 wasted years of low growth, stagnant wages and Conservative economic failure it’s time for change and to end the dreadful conditions they have inflicted on this country.

Cllr Michael Jones

Leader, Crawley Borough Council