Elwyn Watkins and Oldham East & Saddleworth Liberal Democrats

Including Oldham, Saddleworth, Lees, Royton, Shaw & Crompton

Mortgage repayments have increase for Oldham borough people by £349 in the last month

5.10.14pm GMT Mon 29th Sep 2008

Mortgages

The average yearly mortgage repayment for homeowners in Oldham Borough has increased by £349 in the last month alone, according to the latest figures.

Elwyn Watkins, Liberal Democrat Parliamentary Spokesperson for Oldham East & Saddleworth, said: "This increase will cause real hardship for many people.

"There is clearly a lack of competition for mortgage rates, and many local households will get a nasty surprise when they come to the end of their fixed rate period.

"When the government talks about sorting out the banking system they seem to have forgotten the consequences of reduced competition on homeowners. Some banks are clearly taking advantage of the situation.

"This is why ordinary folk need tax cuts now. The Liberal Democrats are proposing income tax cuts of 20% - 4 pence in the pound - for the basic 20 pence rate of income tax. These changes would leave 90% of people with more money in their pocket."

Related Link:

Average cost of a house in Oldham Borough.

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Previous news story: "A bread & butter issue": Oldham area Liberal Democrats say families suffering 26% food inflation (Thu 25th Sep 2008).
Next news story: Shock that over 28,000 children are living in poverty in Oldham borough (Tue 30th Sep 2008).

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