Mortgage holders are furious with Rishi Sunak, as nine out of ten say they are dissatisfied with the government.

Exclusive: Tories lose ground to Labour as the mortgage crisis and the Boris Johnson controversy continue

According to a recent study released on Friday, nearly nine out of ten people with mortgages are unhappy with the government, putting Rishi Sunak in the crosshairs of angry homeowners.

As Britain’s economy becomes more bleak, the Ipsos survey conducted for The Standard also revealed that Labour had increased its advantage over the Tories to 22 points from 16 points last month.

The current percentages are as follows: Sir Keir Starmer’s party is at 47% (up three points), Mr. Sunak’s party is at 25% (down three points), the Liberal Democrats are at 13% (unchanged), and the Greens are at 8% (up two points).

The unsatisfied percentage has increased four points to 59%, contributing to the decline in the prime minister’s personal approval ratings.

Eight out of ten adults, up four points since May, are unsatisfied with the government, while only 12% are, down three points.

The specific statistics by tenure of residence revealed that:

* A startling 87% of mortgage-holding homeowners are unsatisfied, while only 9% are content.

* The percentages for homeowners who own their homes outright were 77% and 14%, respectively.

Renters made up 76% of the population, while only 14% were homeowners.

The poll was conducted ahead of Thursday’s shocking 0.5 percentage point increase in interest rates to 5% by the Bank of England Monetary Policy Committee.

But from 0.1 percent in December 2021 to 4.5 percent last month, the MPC had already increased interest rates 12 times.

The fieldwork was also carried out while Boris Johnson resigned as a member of parliament in the midst of the Westminster scandal surrounding “partygate” and the Privileges Committee report that revealed his willful misrepresentation of Parliament.

It has been a challenging few weeks for the Conservatives, with the resurgence of partygate and ongoing worries about inflation and interest rates, according to Gideon Skinner, Head of Political Research at Ipsos UK.

“This is reflected in our polling data on the fundamentals of government performance and the economy — government dissatisfaction at 80% is well below the long-term Ipsos average and has only ever been worse under John Major 1992–1995 and Theresa May in 2019,” the polling firm said.

“Rishi Sunak’s personal approval ratings have also fallen, and while Keir Starmer’s approval ratings are also only average, this hasn’t yet stopped Labour from extending its lead,” he continued.

“Deliverance on the economy and public services will be key to hopes the Conservatives might have of kicking-starting their recovery, but at the moment there is a distinct lack of optimism among the public – particularly mortgage holders and renters – that things will get better,” says one analyst.

Chancellor Jeremy Hunt met with lenders on Friday and put pressure on them to be accommodating to borrowers who are having financial difficulties, such as by enabling them to extend the term of their mortgage or switch it, at least temporarily, to an interest-only payment plan.

While Labour is taking a similar stance, shadow Chancellor Rachel Reeves claims that her party would “instruct” banks and building societies to grant this flexibility rather than simply requesting it.

However, the study indicated that, up from 54% in May, 58% of adults now anticipate a worsening of Britain’s overall economic prospects over the next 12 months.

Only 1 in 5 people, or 21%, think the economic situation will improve, down from 24% last month.

Before the MPC increased interest rates by 0.5 percentage points on Thursday, homeowners were cautioned that a two-year fixed rate mortgage might reach 7% as the BoE battles entrenched inflation, which was at 8.7% in May.

On a home loan for £350,000 with 25 years left to pay it off, a seven percent mortgage rate that was renewed from a two percent rate could increase monthly payments by £990, or £11,880 annually.

If the rate rose from 2% to 7%, the monthly payment for a household with a £150,000 mortgage with 15 years left to pay it off would climb by £383, or over £4,600 a year.

According to Moneyfacts, the typical two-year fixed mortgage rate increased slightly by Thursday morning to 6.19 percent from 6.15 percent the day before.

The typical fixed-rate mortgage for five years increased to 5.82 percent from 5.79 percent.

The study also revealed Mr. Sunak’s developing electoral problems, with 70% of 2019 Conservative voters expressing dissatisfaction with the current administration; even among current Tories, six out of ten share this opinion.

Only 28% of adults nationwide express satisfaction with the prime minister, and this is the same as his previous low of -32 in February. His net approval rating is -31.

Only 20% of 2019 Tory voters are satisfied with Sir Keir, compared to 61% of existing Con supporters who are. This number drops to 48% for current Con supporters.

31% of people are content with the Labour leader, which is the same as in May, while 49% are dissatisfied, which is down one point, giving a net score of -18.

56 percent of existing Labour supporters are happy with him, or little over half.

For Lib-Dem leader Sir Ed Davey, 23% of adults are content, down two points, and 34% are dissatisfied, up two points, for a net score of -11. However, 43% of adults are unsure of their opinions.

1,033 British individuals 18+ were telephone interviewed by Ipsos between June 14 and 20. Weighting of the data