Homeowners in Warwick and Leamington are paying £3,400 more per year on average for their mortgages, figures released by the Labour Party have shown.

The news comes as consumer magazine Which? showed that in April 2023, over 700,000 UK households missed or defaulted on a rent or mortgage payment.

Labour said the data shows households are being hit with a "Tory mortgage premium" with interest rates looking set to rise for the 13th time.

The party's analysis suggests the average homeowner, who renewed their mortgage since the Conservatives' mini-budget conceived by Liz Truss and Kwasi Kwarteng in September 2022, is now spending an extra £150 every week.

In Warwick and Leamington alone, statistics showed that 10,800 households have been affected with an average increase in mortgage payments of £3,400.

Labour MP Matt Western has called on the Government to do more to support households (image supplied)

And according to the Office for National Statistics, mortgage repayments are now up 61 per cent for the average semi-detached home in the UK.

On the soaring costs, local MP Matt Western said: "The Tory mortgage premium that homeowners are having to pay is yet another huge cost to add the ever-growing list.

"Whether it be mortgage or rent payments, food bills or energy bills, the dreadful impact of the failed mini-budget and the cost-of-living crisis is continuing to bite and is hurting local people and families."

Campaigners have called for the Prime Minister to take action to support homeowners as they warned a huge bill could hit families as more than 2.4 million fixed-rate deals are due to expire by the end of 2024-5.

The Prime Minister has ruled out extra support for homeowners saying the Government will "stick to the plan" to halve inflation to address the cost-of-living.

(Header image by David Alonso Pérez)