MP highlights the plight of Welsh homeowners

Responding to the latest figures from the Council of Mortgage Lenders showing that home loans are at their most unaffordable since 1992, Ms Wilmott has moved to highlight the plight of Welsh families, who could be facing serious debt management problems.

Increasing interest rates are making it more difficult to clear debt and coupled with a downturn in the economy this would lead to financial disaster for indebted consumers across the province, the MP for Central Cardiff maintains.

“Under Labour, house prices in Wales have almost trebled forcing a generation of young people to take on huge and dangerous levels of debt to get onto the housing ladder,” she said.

“It is very likely that at least one more interest rate rise is round the corner could push many more cash strapped families over the edge.”

Accountancy firm KMPG reports that there were enough people in England and Wales entered into an Individual Voluntary Arrangement last year to fill the new Wembley Stadium.