£25 MILLION MORTGAGE BOMBSHELL IN PORTSMOUTH AS 11,372 HOUSEHOLDS FORCED TO REMORTGAGE LAST YEAR

Households in Portsmouth who remortgaged last year face a £25 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% households in Portsmouth remortgaged their home last year, resulting in an average of additional hit of £186 every month. The 11,372 households who were forced to remortgage saw a collective additional hit of £25 million in Portsmouth.

Portsmouth’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 Portsmouth Charlie Murphy, said:

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

“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 Portsmouth 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.”

Source: ONS estimates "Who is most exposed to rising housing costs in England and Wales?" 25 April 2024