Thousands of Bolton families are set to see their mortgage payments soar by nearly £2,000 this year according to new figures.

The research from the House of Commons Library shows that around 8,100 households in the Bolton North East areas will see their annual mortgage payments increase by an average of £1,800.

The research was carried out by Bolton North East parliamentary candidate Kirith Entwistle.

She said: “The country is buckling under 13 years of Conservative mismanagement and a crashed economy, and it is families being asked to pay more on their mortgage once again.

“People are asking themselves whether they or their family are better off under the Tories, the answer is no.”

The Bolton News: Research was carried out by Kirith EntwistleResearch was carried out by Kirith Entwistle (Image: Kirith Entwistle)

This comes amid news that mortgages across the country are being withdrawn by banks as interest rates increase.

Interest rates have risen by more than expected as the Bank of England battles to slow soaring prices.

The Bank raised rates to five per cent from 4.5 per cent, the highest level in 15 years. 

Data from Moneyfacts shows that the typical rate on a two-year fixed-rate loan has increased to almost six per cent, nearly double that of a year ago.

This came after inflation figures showed the Consumer Prices Index remained unchanged at 8.7 per cent in May despite widespread hopes for a sharp fall.

ALSO READ: 1,600 properties are empty in Bolton - but it is still not enough to home families

ALSO READ: House prices dropped slightly in February, new figures show

ALSO READ: The reason why Bolton's house prices are bucking the trend

Ms Entwistle, who was selected as Labour candidate for the Bolton North East constituency earlier this year, claims that her party intends to “bring economic and financial stability back.”

But the government has said that its greatest priority remains reducing inflation, with Prime Minister Rishi Sunak saying he regards as a “moral duty” to ensure that money people earn “holds its value.”

A Conservative Party spokesperson said: Putting the economy back on the right track is our priority and that is why we committed to halve inflation by the end of the year.

“Labour cannot be trusted to take the difficult action necessary, they are always out for easy answers, that is why all they propose are the same old Labour ideas of more spending and borrowing that will increase the rate of inflation and interest rates.”