Conservative Minister Resigns Due to Increased Monthly Mortgage Cost

Monthly Mortgage Costs

George Freeman, the former minister for Mid-Norfolk, has stepped down from his position, citing the challenge of coping with rapidly rising mortgage payments.

In a Substack post, Freeman revealed a staggering increase in his mortgage, soaring from £800 per month to a daunting £2000—a sum he found unmanageable on his ministerial salary of over £118,000 annually.

This development sparks a significant conversation: If a former minister with a six-figure income is grappling with mortgage payments, what does this signify for the average homeowner?

As numerous individuals face similar challenges to the former minister, is it time for the government to escalate efforts to assist those struggling with escalating mortgage expenses?

Newspage sought opinions from brokers, and their views are detailed below.

Graham Cox, founder at Self Employed Mortgage Hub:

“George Freeman has experienced the real-world implications of his government’s economic and housing policies. The government must recognize the devastating effect of higher mortgage and rent payments on people’s livelihoods and quality of life. Economic policy should aim to control property values to improve living standards.”

Sabrina Hall, mortgage adviser & protection adviser at Kind Financial Services:

“It’s refreshing that MPs are feeling the impact of their own actions. However, Freeman’s situation differs significantly from most people who, when worried about mortgage payments, don’t leave their jobs without the promise of another higher-paid job. Many face similar challenges with far fewer options.”

Riz Malik, founder & director at R3 Mortgages:

“If Conservative ministers are struggling, it baffles me how the government expects households across the country to cope with significant increases in mortgage payments. This is a wake-up call that, despite lower rates, many households are still struggling.”

Gary Bush, financial adviser at

“It’s noteworthy that politician George Freeman has to resign and get a job to afford his escalating mortgage bill. Welcome to the general public’s world. It would make a great comedy sketch if this wasn’t a serious situation.”

Stephen Perkins, managing director at Yellow Brick Mortgages:

“Freeman’s mortgage payment jump was the straw that broke the camel’s back. The main strain on his income was a recent divorce, reducing his disposable income. Regardless of income, people tend to live to their means, and increases can equally strain those with larger incomes.”

Lewis Shaw, owner and mortgage expert at Shaw Financial Services:

“I don’t have much sympathy for the ex-minister, given he is part of the party which caused some of the fastest spikes in mortgage interest rates we’ve seen in decades. Maybe he could live within his means, or better still, take the Government’s own advice and get a better job.”

Simon Bridgland, broker and director at Release Freedom:

“It is disgusting that it takes a minister hitting the headlines to make some notice the struggles that every other non-minister is dealing with. If he is struggling on a £2,000 monthly payment on £120,000 a year, I wonder what other regular payments he is having to make.”

Wes Wilkes, CEO at Net-Worth NTWRK:

“It’s time to take responsibility. We agree to make payments at potentially higher rates when agreeing to a mortgage offer. With 1.5 million people due to remortgage this year, ensuring affordability throughout the term is crucial.”

Bob Singh, founder at Chess Mortgages:

“There is more to this story than meets the eye. If he can’t live on £4000, either he’s living extravagantly or is heavily in debt. If he is struggling to live off that, it makes you wonder how those earning one third of that are surviving.”

Ben Perks, managing director at Orchard Financial Advisers:

“If this has happened to a Conservative Minister, a Conservative Government has to take action to boost the economy, control inflation, and drive down interest rates for the benefit of Ministers and the general public alike. Mr Freeman’s situation is not unique.”