THE SNP have said Westminster is “hammering home owners and first time buyers” after the Bank of England raised interest rates to a yearly high.

The average two-year fixed-rate homeowner mortgage on the market topped 6% for the first time this year on Monday.

The rise takes the rate back towards territory last seen during the market volatility that followed last autumn’s mini-budget.

The SNP’s Social Justice spokesperson David Linden said the damaging policies of the Tories and pro-Brexit Labour Party are “wrecking the economy” and challenged the UK government to do more to prevent people losing their homes as a result of Westminster failure.

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He added: “The Tories and pro-Brexit Labour Party are wrecking the economy and hammering millions of home owners and first time buyers, who are being forced to pay extortionate mortgage bills as a result of Brexit and Westminster failure.

“Many will find these soaring mortgages completely unaffordable - and there is a very real danger people could lose their homes, or fall into serious debt, as a consequence of these damaging Westminster policies.

“The SNP is the only party offering real change with independence, which is essential to securing prosperity in Scotland.

“The UK government must take urgent action to protect people at risk of losing their homes - and to bring inflation and mortgage rates back down to manageable levels but independence in Europe is the only credible way for Scotland to secure sustained economic growth and reverse the damage being caused by Brexit.

“At the election next year, voting SNP is the only way to secure independence, tackle the cost of living, and get rid of unelected Tory governments for good.”

Speaking to ITV’s Good Morning Britain, Prime Minister Rishi Sunak said that halving inflation is a priority.

He said: “I know the anxiety people will have about the mortgage rates, that is why the first priority I set out at the beginning of the year was to halve inflation because that is the best and most important way that we can keep costs and interest rates down for people.

“We’ve got a clear plan to do that, it is delivering, we need to stick to the plan.

“But there is also support available for people. We have the mortgage guarantee scheme for first-time buyers and we have the support for mortgage interest scheme which is there to help people as well.

“But look, that is why my first priority is to halve inflation, one of my other priorities is to cut the waiting lists.”