Mortgage holders are £580 a month worse off compared to last year, Labour has said, as it targets victory over the Conservatives in two by-elections this week.
Labour said it the hike in costs was a direct result of “13 years of economic failure and instability under the Conservatives”.
According to analysis by the party, a typical household with a mortgage is forecast to spend £618 a week on essentials such as food, transport and fuel bills — up from £535 in 2021/22. This is an increase of £360 a month.
The Bank of England has said the average monthly mortgage repayment has risen by £220 for households who are remortgaging. Labour said this meant a typical family who have or are due to remortgage is now £580 worse off.
On Thursday, voters go to the polls in Mid Bedfordshire and Tamworth in by-elections triggered by the resignation of former Tory MPs Nadine Dorries and Chris Pincher.
Labour cited figures from the House of Commons library which showed in Mid Bedfordshire 39 per cent of homes are owned with a mortgage, the third-highest proportion in England and Wales. While in Tamworth, the figure is 33 per cent.
James Murray, the shadow financial secretary, said: “Mortgages holders across the country, including in Mid Bedfordshire and Tamworth, are worse off because of 13 years of economic failure and instability under the Conservatives.
“The Conservatives crashed the economy and now families are paying the price with more expensive mortgage payments, higher bills, and rising prices in the shops.
“Only Labour has a plan to grow the economy to boost wages, bring down bills, and get Britain’s future back.”
The Conservatives won Tamworth with a majority of 19,634 in 2019, but Labour are seen as the frontrunner to snatch the seat.
In Mid Bedfordshire it is a bitter three way race between Labour, the Lib Dems and the Tories and some Conservatives hope to hold the seat if the government vote is split.
According to an internal Conservative Campaign HQ memo seen by Sky News, the party is expecting to lose both seats.