Over 60,000 Scots homes face a higher risk of repossession over Tory mortgage “bombshell”

dailyrecord.co.uk:

Over 60,000 Scots homes face a higher risk of repossession due to the Tory mortgage “bombshell”.New analysis shows households are struggling to cope with rising interest rates and debt repayments.Labour MSP Mark Griffin said: “The stress and anxiety facing many homeowners in Scotland right now is palpable, but the disastrous response from government has left them with nowhere to turn.“While people are seeing their monthly mortgage payments soar beyond belief, both the Tories and the SNP are missing in action and have no long-term plan to support homeowners.”The Bank of England raised interest rates to 5.25% last week - the fourteenth consecutive rise since December 2021.Experts believe the pressure on homeowners was made worse by former Chancellor Kwasi Kwarteng who nearly tanked the economy over a series of unfunded tax cuts.Research by Scottish Labour, based on Bank of England data, shows that by the end of the year around 61,410 households will be facing difficulties with debt repayment.Griffin added: “We cannot afford to simply stand on the side lines and let people weather this storm alone."Only Labour has a real plan to support people through this crisis by forcing banks to provide support for those at risk of repossession, and by revamping the Mortgage to Shared Equity Scheme in Scotland.”Mortgage holders on tracker deals face nearly £24 per month being added to their payments, on average, following the latest base rate rise.For homeowners on a standard variable rate (SVR) mortgage, the average payment could increase by £15.14 per month or nearly £182 per year.Over eight in 10 (81%) homeowner mortgages outstanding are fixed-rate deals – but these households could be in for a bill shock when their current deal