Tories who supported Liz Truss and Kwasi Kwarteng should apologise after startling evidence showed thousands face mortgage hikes of over £7,000 a year, Sadiq Khan says.
The London Mayor said hard-pressed homeowners are grappling with the "lasting legacy" of Mr Kwarteng's disastrous economic experiment.
A Mirror poll found 61% of people across the country are worried about being able to make their mortgage or rent payments in the year ahead, with Chancellor Jeremy Hunt set to unveil his budget on Wednesday..
Mr Khan said sky-high house prices mean Londoners are particularly exposed to rises in mortgage interest rates - but rates have gone up across the UK.
Analysis by Labour found some in the capital are paying an extra £642 a month after fixed rates rose from an average of 2.08% to between 5% and 6% in 2023.
Mr Khan said: "Tory economic incompetence is costing Londoners dear at a time when they can least afford it.
"Hard-pressed home-owners in London are some of those bearing the brunt of the lasting legacy of the Conservatives' disastrous mini Budget.
"Conservatives who backed, defended and celebrated the mini budget, should apologise to Londoners for the huge additional costs being heaped on home-owners as a direct result of Tory economic chaos.”
In January the Office for National Statistics (ONS) warned that more than 1.4 million households in the UK were facing interest rates rise when they renew their fixed rate mortgages this year.
Interest rates spiked following Mr Kwarteng's budget on September 23, which saw the Tories pledge £45 billion in unfunded tax reductions, sending markets into panic.
It was estimated that the average mortgage offer rocketed by a massive £537 a month compared to the previous year.
And hard-pressed families continue to worry about the impact of rising bills.
A Daily Mirror poll, conducted by Redfield and Wilton, found 61% of people across the country are worried about being able to make their mortgage or rent payments in the year ahead.
Almost two-thirds (63%) say they are worse off financially than a year ago - with 77% expecting their situation will either stay the same or get even worse in the coming year.
Six in 10 say they are wearing extra clothes such as jumpers to stay warm, while 54% have kept the heating off even when their home was cold.
More than half (51%) believe the Tory government’s incompetence is most to blame for the state of the economy, compared to 33% who think it is predominantly because of global events.
Redfield and Wilton interviewed 1,500 adults in Britain online on March 9.
The Mirror has contacted Tory HQ for comment.
