The Shadow Chancellor Rachel Reeves is due to visit a community bank in Brighton and Hove tomorrow (Tuesday 11 April).
The Labour frontbencher is expected to say that first-time buyers have faced a rise of nearly £500 a month in their mortgage bills.
And she is also expected to cite Labour research that blames soaring interest rates on the government of former Prime Minister Liz Truss.
Monthly payments, based on the two-year fixed rate and the average advance for those looking to get a mortgage for the first time, rose from £837 in January 2022 to £1,303 in December, according to the party’s analysis.
Unfunded tax cuts in the Truss government’s mini-budget last September sent the value of the pound tumbling and drove up mortgage rates although they have started to reduce in recent weeks.
Ms Reeves is understood to be planning to repeat Labour’s pledge to help more first-time buyers on to the property ladder during a visit to a community bank in Brighton and Hove.
Labour’s plans include giving first-time buyers the first option on new-built homes, a mortgage guarantee scheme and an end to entire developments being sold off-plan to overseas investors.
Labour, which is pitching itself as the party of home ownership in the run-up to the local elections next month, also said that it would reform planning and compulsory purchase rules to build more affordable homes.
Speaking before the visit, Ms Reeves said: “The Tory mortgage penalty is devastating family finances, destroying dreams and holding back our economy.
“There is so much promise and potential in Britain that we can unlock if we can have a government that will put working people first and get the economy growing.
“That is what Labour will always do. Right now, we’d be freezing council tax, funded by a proper windfall tax on oil and gas giants to help ease the ‘cost of living’ crisis facing so many.
“And as the party of home ownership, we’d be putting in place a plan to help make those hopes of home ownership realised.”
Just when you think the conservatives couldn’t be more hopeless you only need to listen to an interview with someone Rachel Reeves to realise things actually could be worse.
Parachuted in from Head Office with no clue whatsoever about what has been going on (or not going on) with B&H in the past few years. She obviously has no knowledge whatsoever of how Labour have been in bed with the Greens until just recently, when they suddenly realised (doh!) that there was an election coming up.