People are now 'facing a personal financial crisis'
As the cost-of-living crisis continues to cripple families across Northern Ireland, uncertainty around the future of mortgage rates is an added pressure.
It's feared that thousands of homeowners are now facing hikes in their mortgage payments, with others potentially being excluded from home ownership.Speaking on Thursday, SDLP South Belfast MP Claire Hanna has pressed the Chancellor to ensure that people are protected and has urged the Treasury to meet with financial institutions to see what additional protections could be afforded to homeowners.
"People are not seeing their incomes increase and are facing a situation where they may no longer be able to afford their mortgage. People will no doubt also be forced into overdraft on bank accounts as they struggle to balance essential outgoings against income. "People are already suffering as a result of the actions of this Government, and we need to ensure that further blows are not caused by additional financial penalties or people being put at risk of losing their homes."
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