6 Jun 2024
Row of houses

Households in Wales who remortgaged last year face a £267.3 million annual mortgage bombshell amidst spiralling interest rates following Liz Truss’s disastrous mini-budget new research by the House of Commons Library, commissioned by the Liberal Democrats, has revealed.

13.8% of households in Wales remortgaged their home last year, resulting in an average additional monthly hit of £117. A staggering 186,567 households were forced to remortgage their homes across Wales, amounting to a collective additional hit of £267.3 million across the Country.

The Welsh Liberal Democrats have said that the research shows that the Conservative government’s boasts over an apparent ‘improving economic situation’ will “ring hollow” in the face of such startling increases in mortgage payments which have been “pushing families to the brink”. 

The Vale of Glamorgan had the highest remortgage rates with 16.5% of households forced to remortgage their home. In Cardiff, a staggering 147,333 were impacted, while in Swansea the figure was 104,962.

Commenting on the research, Welsh Liberal Democrat Leader Jane Dodds MS said:

“Spiralling mortgage rates have been pushing families to the brink across Wales.

The aftershocks of Liz Truss’s disastrous mini budget have saddled thousands of households in Wales with years of increasingly unaffordable monthly payments and the real threat of many losing their homes.

This Conservative government has proven themselves utterly unfit to oversee our economy and it is families in our community who are paying the price for their staggering incompetence.

The Prime Minister’s boasts about ‘an improved economic situation’ will ring hollow to the almost 200,000 households who have borne the brunt of the cost of living crisis and are struggling to put food on the table. The Conservative Party does not deserve to be in office for a moment longer.

The Liberal Democrats will always spend taxpayers’ money responsibly and never gamble with the economy like the Conservatives have. A vote for the Liberal Democrats on July 4th is a vote for economic competence instead of directionless Government.”

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