LibDems warn of £33.7 million mortgage bombshell in Wealden

Households in Wealden who remortgaged last year face a £33.7 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.

Some 15.9% households in Wealden remortgaged their home last year, resulting in an average of additional hit of £259 every month. The 10,854 households who were forced to remortgage saw a collective additional hit of £33.7 million in Wealden.

Wealden’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 Sussex Weald, Danielle Newson, said: “Spiralling mortgage rates have been pushing families to the brink here, in the former Wealden area.

“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 across the Wealden area, which is now split into Sussex Weald constituency and a part of East Grinstead and Uckfield constituency.

"People 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.”