FAMILIES in Scotland are paying &pound;5000 more a year on mortgages than they were in late 2021, figures reveal.
A family on an average two-year fixed rate mortgage of 6.85 per cent would be paying about &pound;1130 a month following the hike in interest rates earlier this month.
That works out at &pound;439 more in interest per month and &pound;5268 more a year than they would have paid for a two-year fixed rate mortgage in November 2021.
At that time, the average twoyear fix was 2.29 per cent but it rose to 6.85 per cent after the Bank&nbsp;of England raised interest rates for the 14th consecutive time.
The SNP, who carried out the analysis, urged Prime Minister Rishi Sunak to do more to help families.
SNP housing spokesman Chris Stephens said: "It's essential the UK Government does more to help people with the cost of&nbsp;living, including matching progressive policies like the Scottish Child Payment and helping those struggling to pay sky-high mortgages and rents."
The UK Treasury said: "The best thing we can do to help mortgage holders and renters is drive down inflation. We have a clear plan to halve it this year, then get it back down to two per cent."

MORTGAGE BILLS SOAR £5K A YEAR

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