£43 MILLION MORTGAGE BOMBSHELL IN STOCKPORT AS 21,500 HOUSEHOLDS FORCED TO REMORTGAGE LAST YEAR

£43 MILLION MORTGAGE BOMBSHELL IN STOCKPORT AS 21,500 HOUSEHOLDS FORCED TO REMORTGAGE LAST YEAR 

- 21,500 households in Stockport were forced to remortgage their homes in 2023 amidst Liz Truss’s mini-budget fallout 

- Households in our area have faced an additional £167 on average per month added to their mortgage costs

- Local 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 who remortgaged last year face a £43 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.

17% households in our borough remortgaged their home last year, resulting in an average of additional hit of £167every month. The 21,500 households who were forced to remortgage saw a collective additional hit of £43 million.

The local 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 Cheadle, Tom Morrison, said:

“Spiralling mortgage rates have been pushing families to the brink here in our constituency. 

“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 [AREA] 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.”