Mortgage rates have hit the headlines this week and featured large in Prime Minister’s Questions too.
This was one of the concerns and challenges I raised last Friday when I met the team at Nationwide’s Eastbourne branch on their 50th anniversary. A staggering 41% of households in Eastbourne have a nationwide membership.
Rising rates are painful and, although true, it’s cold comfort that arrears are lower than in 2009 and rates are higher across the world in countries like Canada. The Chancellor negotiated with lenders to offer tailored support to those struggling to pay but bearing down on inflation is still the single most effective policy - for everyone.
Nationwide has answered 4,506 calls to their cost-of-living hotline and what I was most pleased to see was the provision for in-person appointments. The building society has a pledge to leave no town or city without a branch until at least 2024. You won’t be surprised that I’ve petitioned them to renew this commitment going forward. Cash is another service to safeguard.
Finance for first time buyers was also on my agenda, and on my mind, having just seen around TJ Hughes, which closed years ago now and is earmarked for residential development. Done sympathetically, this will deliver much-needed homes on a very strategic site. Until then, Tubbs Computers, who currently operate there, continues to bridge the digital divide, re-purposing and re-housing IT equipment.
At home, I held a surgery at The Ship in Meads Street, had meetings on the future of the Meads Sports Centre, spent time with residents at The Chaseley Trust and a morning with the team at a very busy local GP practice. Not to mention, dropping in to the Family Hub in Shinewater and inspecting manholes on the seafront.
Westminster wise, I met with Stuart Wingate on Gatwick’s plans for the Northern runway - a very important investment for us and the region, Trevor Beattie, CEO of the South Downs National Park on Black Robin Farm, our levelling up project and three amazing Eastbourne women campaigning for reform in Special Education; last week I gave a shout out for Dads, this week it’s Mums!
