SDLP leader and Foyle MP Colum Eastwood
Supporting the motion, the Foyle MP said: “It is outrageous that the average mortgage costs under the Tory Government will increase by £2,900 per year, with many households paying over £2,000 more per year than people in France and over £1,000 more than people in the south.
“This British Government has dragged their heels when thousands of homeowners and renters in Derry and across the North have cried out for help.
“The British Government must swiftly tackle the growing housing cost crisis by introducing a comprehensive renters’ charter to strengthen renters’ rights, end no-fault evictions immediately and require lenders to guarantee support for struggling mortgage borrowers.
“I am urging the Government to make it mandatory for borrowers to temporarily switch to interest-only mortgage payments, providing some relief during difficult times.
“Extending the length of mortgage periods and implementing mandatory restrictions on repossessions are essential to protect the well-being of homeowners and renters.
“The Chancellor must take decisive action and instruct the Financial Conduct Authority to issue prompt guidance, ensuring that temporary switches to interest-only mortgage payments or extended mortgage terms do not negatively impact borrowers’ credit scores.
“This guidance is vital to provide reassurance and maintain borrowers’ financial stability.
“Every day, I speak with people under immense financial strain, and I am committed to championing Derry’s interests in Westminster.
“The government must prioritise the well-being of homeowners and renters by taking swift and decisive action to alleviate the mortgage crisis and protect tenants’ rights.”
