RISING mortgage rates are adding to the housing crisis in south Cumbria.
That is the view of Tim Farron, the MP for South Lakeland, which covers town such as Grange and Windermere.
Mr Farron said 23 per cent of households in Westmorland and Lonsdale are mortgage payers.
However, mortgage payers that are not on fixed rates from before the interest rise have seen their payments go up a stagging amount, an average increase of £217 per month for mortgage repayments, according to Mr Farron.
READ MORE: How much could my mortgage go up amid potential interest rate rise?
The average interest rate on a two-year fixed-term mortgage is now 6.3 per cent, triple the 2.25 per cent rate a year ago.
Mr Farron said: "This just adds to the housing crisis.
"People are effectively losing their homes. We have people who live in their own homes but are in a serious, serious, serious crisis, it could get even worse."
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