'Out of touch' Sunak is mortgage free - and got a HUGE loan from his parents for his first apartment

Despite claiming to understand the 'challenges' facing families with soaring mortgage payments, this newspaper may reveal that it has no mortgages on any of its multi-million pound properties in the UK

Rishi Sunak leaving his London home, mortgage-free (

Image: Bloomberg via Getty Images)

Out of touch Rishi Sunak is mortgage-free - and his parents have given him a six-figure loan to help him buy his first apartment.

Despite claiming to understand the 'challenges' families are facing with soaring mortgage payments, this diary may reveal that he has no mortgages on any of his multi-million pound UK properties.

And in 2001, when he bought his first flat in London's upscale South Kensington, his mum and dad helped him out by lending him the money for half the £210,000 purchase price.

It appears he secured a mortgage from the Royal Bank of Scotland to pay the remaining £105,000, which has now been paid off.

This comes after the Bank of England warned mortgage holders that their monthly repayments would increase by a whopping £220 per month by the end of the year.

But last month the Prime Minister urged families to "keep their cool", adding: "I understand it's difficult, but we have to stick to it."

And he told ITV News: 'I know people will be worried about mortgage rates, that's why the first priority I set out at the start of the year was to halve inflation, because that's the best and most important way to reduce costs and interest rates for people.'

In June, Sunak ruled out intervening directly to help troubled borrowers. Instead, Chancellor Jeremy Hunt struck a deal with big banks to allow people to temporarily switch to interest-only payments and seek advice without affecting their credit score.

But the Labor Party has said up to 2 million homes could be cut off unless the government makes it compulsory for all lenders.

Official records show that Mr Sunak now owns three properties in the UK: the Kensington flat, a £1.5million mansion in his Yorkshire constituency and a £4.5million house in Earl's Court in London.

In addition, he lives for free in the flat above 10 Downing Street and Chequers, the Prime Minister's official country mansion.

A Labor source said: 'Tick, tick, tick, the Tory mortgage bomb - and who's to blame? Rishi Sunak.

"But even after last week's terrible election results, all he promises remains the same: disconnected, out of ideas and soon out of time."

Downing Street previously said Mr Sunak “had” a mortgage, but declined to give details.

Number 10 declined to comment.