Brokers: high mortgage costs hit everyone, regardless of wealth

Brokers have said most people will be impacted by rising mortgage costs, regardless of their wealth.

It comes after ex-science minister and MP George Freeman was forced to give up his ministerial position due to increased mortgage payments which rose by £1,200 from £800 to £2,000 per month.

“If those at the top are feeling the squeeze, what hope is there for ordinary folks who are barely making ends meet?” Our Mortgage Broker director, Akhi Mair, said.

“It’s a sobering thought that hits close to home for many who are already grappling with the burden of mortgage payments on modest incomes.”

He said the situation should serve as a “wake-up call” for government action, calling for policies that prioritise housing affordability for all.

“It’s time for solutions that ensure everyone has a fair shot at owning a home without sacrificing their financial security,” he added.

Living at financial limits

Questions were raised after Freeman’s announcement, with many asking how he could be affected by the increased payments while on a salary of around £118,000 per year.

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