Homeowners cannot afford for Rishi Sunak's inflation pledge to fail - The Yorkshire Post says

The many worries of homeowners and those wanting to buy will be exacerbated as the average fixed two-year mortgage rate on offer topped six per cent for the first time this year – shifting back to the territory seen after last autumn’s disastrous mini-budget.

The rate edged up to 6.01 per cent on Monday, reported the Press Association, while some analysts also expect the base rate to rise by another 0.25 percentage points on Thursday, which would also push up costs for people on variable rate tracker mortgages.

Meanwhile, TSB became the latest lender to pause sales of some of its mortgages.

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It comes as more Conservative voters, notably, think the Government should prioritise building social housing insetad of homes for sale or private rent, according to new polling.

Amid a cost of living crisis, it will be a head in hands moment for people already struggling with their mortgage payments, coming up with the cash for their utility bills and contending with high prices for food. On that front, it good to see that Bradford-based supermarket Morrisons slashed the price of 47 products by more than a quarter on average, boosting hopes that wider UK food inflation may have passed its peak.

Prime Minister Rishi Sunak said that the most important way to keep costs on interest rates down was to halve inflation – the first priority he set out at the beginning of the year.

Many regard him as financially competent and millions of homeowners will be desperate for that to be the case, and for his plan to work. They cannot afford for him to fail.