Scots Labour leader Anas Sarwar will today unveil plans to cut mortgage bills for homeowners struggling with spiralling interest rates
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Rising interest rates are forcing Scots to pay thousands of pounds more a year in mortgage costs, putting huge pressure on family budgets. An existing programme, Mortgage to Shared Equity, gives the Government a stake in someone’s home. Labour believes the scheme needs to be radically overhauled and expanded to help many more homeowners.
Sarwar told the Record: “We are in the midst of a cost of living crisis where energy prices are going up, petrol prices are up, food prices are up, and we know people’s mortgages are also going up. There is now a Tory premium on mortgages. Labour estimates 7,400 households could be struggling with credit repayments and they claim the beefed up Equity scheme would cost £50m.
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