Political commentator Tim Montgomerie has urged the Conservative government to ‘get back on the landlords’ side’ as mortgage payments are set to soar. Speaking to GB News, Mr Montgomerie, commenting on the seismic lead Labor currently holds in the polls of the incumbent Tories, said the new Prime Minister must calm people’s fears about losing their homes to to “absorb” this deficit. As the number of mortgages to homebuyers soar, figures suggest Britons are scrambling to secure mortgage deals ahead of expected interest rate hikes.
When asked where he thought it all went wrong for Ms Truss, Mr Montgomerie replied: ‘How long do we have? Listen, the only thing I will say is that the Englishman’s house is his castle.
“The attachment of British voters to their idea of property and their home is incredibly strong. And last week we can analyze how it happened and why it happened, but last week people were very scared of their ability to either buy a house or keep paying their mortgage or their own children on the housing ladder.
“The Conservative Party, by its actions, rightly or wrongly, we can blame the markets if we want to, has come to a place where the home of the English, their castle, is under threat.
“And if the Tories are to have any chance of cutting that huge 33 point lead for Labor they must somehow side with the owners.
“I don’t know if they can do it or not, but that’s basically why, as a Party, we went through something so seismic by threatening something so essential to the identity of the person British and, in particular, the type of person who votes Conservative.
The number of mortgage approvals for homebuyers rose sharply in August, to the highest level since January, according to the Bank of England.
But experts said the rise in loan approvals is likely to reflect people trying to make mortgage deals amid expectations of rising interest rates, rather than evidence of a strengthening demand.
Some 74,300 approvals were recorded in August, marking an increase from 63,700 in July.
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Revolution Brokers founding director Almas Uddin said: “Mortgage approvals have continued to soar in recent months, despite mortgage rates rising in line with numerous base rate hikes by the Bank of England. .
“It’s been spurred by a sense of urgency from homebuyers across the country, who want rates that remain fairly reasonable in anticipation of further increases coming this year.”
Liberal Democrat leader Sir Ed Davey on Friday warned of “mortgage misery” and urged Liz Truss to recall parliament to prevent people from “losing their homes or closing their businesses”.
He said: “Delaying that forecast means closing the gate long after the horse has run away. Liz Truss and Kwasi Kwarteng leave the economy flying blind for two months as their reckless plans cause pension and mortgage misery for millions of Britons.
He added: “Families and businesses can no longer afford to wait for this government to fix their botched and unfair budget. Truss and Kwarteng need to cancel the Tory conference, recall Parliament and come up with a new budget now before more people lose their homes or close their businesses.
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