Scots are paying hundreds of pounds more every month for their mortgage – while the cost of an average detached home in Fife has also spiked by 30%.
The cost-of-living double whammy comes as warnings grow about the impact of any future increase to the rate of inflation.
House of Commons analysis commissioned by the SNP found average the Scot is paying £381 more per month than they were 20 months ago.
In November 2021 the average two-year fixed rate mortgage was 2.29%, which would see a typical Scottish household with a mortgage of £166,431 pay around £729 a month on a 25 year term.
But as of June 2023 the average two-year fixed rate is 6.37%, meaning the same household would now be paying £1,110 a month – a difference of over £4,500 every year.
Scots homeowners told to expect further mortgage rises
The SNP say it means a full-time employee in Scotland on the National Living Wage would have to forego their entire wage for more than a quarter of a year just to pay the additional mortgage interest.
The party also warned that homeowners should brace for further increases amid forecasts that UK interest rates could be as high as 6.5% by the end of 2023.
They say that if the rate of a two-year fixed mortgage was to rise accordingly to 7.87%, the average home could be paying as much as £541 more a month.
SNP housing spokesman Chris Stephens MP said the Conservatives have “trashed the economy”.
He added: “Housing is a fundamental need that no one should have to go without but Westminster is making it impossible for many first time buyers to afford their own home – and it’s putting mortgage holders and renters at risk of losing their homes through no fault of their own.”
Separate data from the Office for National Statistics shows Perth and Kinross has some of the highest mortgage rates in Scotland.
Typical payments on a five-year fixed mortgage for an average detached property in the region is £1,977 – one of the highest rates in the east of Scotland.
It comes as house prices rise across Scotland, with Fife charting one of the biggest any increase of any local authorities.
The average house price across Fife in April 2023 was £168,774, up from just over £132,000 in April 2018.
First-time buyers spent an average of £134,000 on a home in the Kingdom in April, up from £106,770 five-years previously.
The price for an average semi-detached or terraced home in Fife are up 31% and 28% respectively on 2018.
Those looking to purchased a detached home can expect to pay as much as £315,000.
The UK Government has said buyers and renters were facing a “very difficult time”.
They previous struck a deal with big mortgage lenders to provide more flexibility to those struggling with climbing repayments.
It means banks will allow customers who are up to date with repayments to switch to interest-only payments for six months or extend their mortgage term to reduce their monthly payments
Prime Minister Rishi Sunak’s official spokesman said: “The single biggest thing government can do is work together with the Bank of England in lockstep to reduce inflation, which is driving some of these high mortgage rates we are seeing.”
