Brief
SNP says Andy Burnham has broken cost‑of‑living pledge as mortgage rates climb
SNP MP Kirsty Blackman says rising mortgage rates under Burnham’s premiership leave households thousands of pounds worse off.
By Felo News Desk · Published
Scotland’s SNP has accused Prime Minister Andy Burnham of breaching his cost‑of‑living pledge after average interest rates on new five‑year fixed mortgages hit 6% for the first time in three years, according to data from MoneyFacts.
The House of Commons Library analysis, commissioned by the SNP, shows the cost of interest on an average two‑year fixed mortgage in Scotland rose by £279 a month since 2021. In November 2021 the average rate on a £177,352 mortgage was 1.51%, costing £657 a month. By July 2026 the rate had risen to 4.48%, raising monthly payments to £936 and leaving households £3,348 a year worse off.
SNP MP Kirsty Blackman said Burnham was “breaking his promise to cut the cost of living as mortgage rates soar to new highs on his watch”, adding that families are being “hammered” as bills rise. She called for urgent cost‑of‑living support in the upcoming UK Budget, including measures to reduce bills.
The SNP noted that the Bank of England, not the UK Government, sets interest rates, but argued that Burnham’s policies have contributed to the pressure on households. The UK Government has not responded to requests for comment.
Key facts
- Average interest rate on a new five‑year fixed mortgage in Scotland reached 6% for the first time in three years. (standard.co.uk)
- Monthly cost of a two‑year fixed mortgage on an average Scottish house rose from £657 in November 2021 to £936 by July 2026. (standard.co.uk)
- SNP MP Kirsty Blackman said Andy Burnham is breaking his cost‑of‑living promise as mortgage rates increase. (standard.co.uk)
Sources
- [1] standard.co.uk — originally reported as “Burnham breaking cost-of-living promises as mortgages rise, SNP says”
