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

11.28.00pm BST (GMT +0100) Mon 29th Sep 2008

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

Mark Alcock, Liberal Democrat Parliamentary Spokesperson for Oldham West & Royton, said: "This increase will cause real hardship for many people across Oldham Borough.

"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 over the coming months and years.

"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."

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Previous news story: Over 60,000 low paid Oldham area people don't qualify for fuel help - Alcock (Wed 17th Sep 2008).
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