Lib Dem MP Martin Wrigley warns of £1,753 increase to mortgage payments in Teignbridge as Trumpflation bites

Analysis by the Liberal Democrats has revealed the huge sums Trump’s inflationary war in Iran could slash from family budgets, pushing bills up by an eye-watering £1,753 in Teignbridge.

Local Liberal Democrat MP Martin Wrigley is warning of new mortgage misery as stark new data analysed by the party shows Trump’s inflationary war could hit mortgage bills by thousands of pounds a year, with the massive price increases homeowners across the country could expect to shoulder brought into stark focus.

People taking out a mortgage in Teignbridge could face a massive £1,753 increase to their mortgage payments, compared to what they’d be paying if they’d taken out their mortgage before Trump’s Iran war, as the effect of “Trumpflation” pushes up borrowing rates. According to MoneyFacts, the average interest rate for a two-year deal has jumped from 4.84% at the end of February to 5.87% now.

Martin is also warning that people renting their homes could see significant increases to their bills as landlords are set to pass on rising mortgage costs to renters. Industry expert Aneisha Beveridge told the Times this month [April] that landlords might try to raise rents thanks to soaring mortgage costs – comparing the current squeeze to the interest rate spike caused by the Ukraine conflict in 2022.

Martin is calling on the Government to take urgent measures to protect families – starting by introducing the party’s proposals for an emergency fuel package to cut fuel costs by £6.60 a tank.

Martin said:

“Hardworking households are being punished by a Trumpflation crisis that’s sending costs soaring.

“In a cost of living crisis, to see such huge increases to mortgage payments while young people and families are trying to get on the housing ladder is a scandal.

“The Government must crack on with a proper proposal to get costs down – starting with the Lib Dem plan to take 12p off the cost of every litre of petrol, and axe train, bus and EV prices too to keep the country moving.”