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£19.2 MILLION MORTGAGE BOMBSHELL ACROSS WALSALL AS 14,926 HOUSEHOLDS FORCED TO REMORTGAGE LAST YEAR

by danielbarker on 14 June, 2024

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– 14,926 households across Walsall were forced to remortgage their homes in 2023 amidst Liz Truss’s mini-budget fallout

– Households across Walsall have faced an additional £107 per month added to their mortgage costs

– Walsall Liberal Democrats have slammed the Conservative government for “pushing families to the brink” and said that the PM’s boasts over new inflation statistics will “ring hollow” for all those struggling with higher mortgage rates

Households across Walsall who remortgaged last year face a £19.2 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.

13.3% of households across Walsall remortgaged their home last year, resulting in an average of additional hit of £107 every month. Walsall’s 14,926 households who were forced to remortgage saw a collective additional hit of £19.2 million.

Walsall’s Liberal Democrats have said that the research shows that the Conservative government’s boasts over inflation reaching 2.3% will “ring hollow” in the face of such startling increases in mortgage payments which have been “pushing families to the brink”.

Liberal Democrat spokesperson for WalsallIan Shires, said:

Spiralling mortgage rates have been pushing families to the brink right across Walsall.

The aftershocks of Liz Truss’s disastrous mini budget have saddled thousands of households in our area 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 new inflation figures today will ring hollow to the thousands in Walsall 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.”

ENDS

Notes to Editors: 

Research from the House of Commons Library can be found here. The figures include households on variable rates, not just those on fixed rates that expired.

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