£9.3 Million Mortgage Bombshell in Powys as 6,200 Households Forced to Remortgage Last Year

Powys Liberal Democrats have slammed the Conservative government for “pushing families to the brink” and said that the PM’s boasts over an improving economic situation will “ring hollow” for all those struggling with higher mortgage rates

Households in Powys who remortgaged last year face a £9.3 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.

10.3% of households in Powys remortgaged their home last year, resulting in an average additional hit of £125 every month. The 6,199 households who were forced to remortgage saw a collective additional hit of £9.3 million in Powys.

Powys Liberal Democrats have said that the research shows that the Conservative government’s claims that things are improving will “ring hollow” in the face of such startling increases in mortgage payments which have been “pushing families to the brink”. 

Commenting Liberal Democrat Candidate for Brecon, Radnor and Cwm Tawe David Chadwick said:

“Spiralling mortgage rates have been pushing families in Powys to the brink. 

“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.

Adding his comments, Liberal Democrat Candidate for Montgomeryshire & Glyndwr Cllr Glyn Preston said:

“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 thousands in Powys 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