£29 Million Mortgage Bombshell in the New Forest as 10,500 households forced to remortgage last year

22 May 2024
Coins coming out of a jar

- 10,549 households in the New Forest were forced to remortgage their homes in 2023 amidst Liz Truss’s mini-budget fallout 

- Households in the New Foresthave faced an additional £232 per month added to their mortgage costs

- New Forest 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 in the New Forest who remortgaged last year face a £29.4 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.

13.6% of households in the New Forest remortgaged their home last year, resulting in an average additional hit of £232 every month. The 10,549 households who were forced to remortgage saw a collective additional hit of £29.4 million in the New Forest.

The New Forest’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 General Election Candidate for New Forest East, Caroline Rackham, said:

“Spiralling mortgage rates have been pushing families to the brink here in the New Forest. 

“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 the New Forest 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.”

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