£56m mortgage bombshell in Elmbridge as over 10,000 households forced to remortgage last year
£56m MORTGAGE BOMBSHELL IN ELMBRIDGE AS OVER 10,000 HOUSEHOLDS FORCED TO REMORTGAGE LAST YEAR
10,284 households in Elmbridge were forced to remortgage their homes in 2023 amidst Liz Truss’s mini-budget fallout
Households in Elmbridge have faced an additional £456 per month added to their mortgage costs - the highest per-household increase outside London
Elmbridge 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 Elmbridge who remortgaged last year face a £56.3 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.
18.5% of households in Elmbridge remortgaged their home last year, resulting in an average of additional hit of £456 every month - the highest increase in monthly payments outside of London. The 10,284 households who were forced to remortgage saw a collective additional hit of £56.3m in Elmbridge.
Elmbridge 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 Esher and Walton, Monica Harding said:
“Spiralling mortgage rates have been pushing families to the brink here in Esher and Walton.
“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 locally 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.”
Notes to Editor:
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.