A comedian and podcaster has blasted the Tories over their mismanagement of the economy as he shared fears of losing his house amid a doubling of his mortgage payments.
Adrian Thompson, who presents the Aid Thompsin and Other Disappointments podcast, took to Twitter to hit out at the government amid rising interest rates. The Bank of England set the base rate at 5 per cent at the end of June, the highest level since 2008, and banks have hiked mortgage rates in response.
In a series of tweets, Thompson detailed how he was cutting back on luxuries in a bid to keep his house in Hampshire, which he mortgaged at a rate 2.2 per cent. The interest rate on average five-year and two-year mortgages now sits at 6 per cent and 6.5 per cent, respectively, according to data collated by Moneyfacts, and rates have remained high since Liz Truss' disastrous mini-budget in September last year.
Thompson wrote that he expects his mortgage to double from £1,000 to £2,000 a month – and fears that he might have to give up the house he shares with his young family.
He said: "Cancelled Twitter Blue (only had it to get increased video length) and Spotify – Now TV & Prime next. Five weeks til remortgage begins in earnest - and s*** is about to get real.
"We’re raised in this country to never talk about money. If you have it, it’s crass. If you have problems, it’s a buzzkill for everyone else to have to listen to.
"But if nobody says anything, like 'HEY THERE'S A VERY REAL CHANCE I’M ABOUT TO LOSE MY HOUSE', then everyone thinks it’s just *them*. That *they’re* a financial failure.
"And I’m here to tell you: It’s not just you. This whole thing is f****d. Like, I’m on a pretty good salary. We got our place at 2.2%.
"And now - through the Govt’s mismanagement - we’re at 5%, we’ve gone from 1k to 2k a month, and I’m seriously wondering WTF is going to happen."
Thompson hit out at "Tufton Street" types for sending the economy into a spiral. Tufton Street is on Westminster's doorstep in London.
Prime Minister Rishi Sunak has urged homeowners to "hold their nerve" over the rising interest rates, which are being hiked in a bid to bring down inflation, currently at 8.7 per cent. But Thompson fears he might not be able to cling onto his family home.
He added: "To be on the ladder, to have come from a single mother council estate background, getting to a good income and buying a place - and to then have that ripped away...it’s a damning indictment of Tories commitment to social mobility
.
"To be 100% candid there is a smidgen of a chance we might cling onto this house. If it happens though it’ll be thanks to the pragmatism of family not any protection by Govt.
"I personally think we’ll lose it. And so right now I am standing here looking out, across the decking me and my step dad built, at my 2yo daughter, playing happily, oblivious to the oblivion, tears in my eyes - trying to hold it together so I don’t freak my 6yo son out."
Other Twitter users expressed sympathy with the podcaster, who has 14,000 followers on the platform.
One wrote: "There must be tens or hundreds of thousands in your position across the country. I hope you can hang on mate. Really brave of you to share your predicament and your feelings."
Another added: "I hear you. I am a single mum of three, and 4 months left on my fixed. Expecting a £500 increase which will floor me."
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