SCOTTISH families are paying £5000 a more per year on mortgages than they were in late 2021, analysis from the SNP has shown.

The latest figures show a typical Scottish family on an average two-year fixed mortgage rate would be maying £5268 more in interest than they were two years ago.

In Scotland, a family on an average two-year fixed rate mortgage of 6.85%, would be paying around £1130 a month.

It comes after the Bank of England raised interest rates to 5.25% on August 3. That means £439 more in interest per month and £5268 more a year than the same family would have paid for a two-year fixed-rate mortgage in November 2021.

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Overall, the monthly cost of an average £166,431 two-year fixed-rate mortgage in Scotland has risen by almost two thirds – around 63% - from £691 to £1130.

The SNP have challenged Prime Minister Rishi Sunak and Labour leader Keir Starmer to do more to help families with the soaring cost of living.

Speaking to the Daily Record, the party’s housing spokesperson Chris Stephens said: “Westminster parties have trashed the UK economy – and millions of households across Scotland are paying the price as the cost of living in the UK soars.

“It’s essential the UK Government follows Scotland’s lead and does more to help people with the cost of living, including by matching progressive policies like the Scottish Child Payment and by helping those who are struggling to pay sky-high mortgages and rents.

“The SNP is the only party offering real help with the cost of living – and a fairer and wealthier future with independence.

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“In contrast, Sunak (above) and Starmer are making the UK’s cost of living crisis worse by imposing damaging cuts to household incomes and Brexit, which has fuelled inflation, increased mortgage rates and caused long-term damage to the economy.

“At the next election, voting SNP is the only way to secure independence, tackle the cost of living and escape the damage of Westminster control for good.”