£83.8m Mortgage bombshell in Leeds as 48,830 households forced to remortgage last year

Households in Leeds who remortgaged last year face a £83.8m 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.

14.3% households in Leeds remortgaged their home last year, resulting in an average of additional hit of £143 every month. The 48,830 households who were forced to remortgage saw a collective additional hit of £83.8m in Leeds.

Leeds’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”.

Commenting, George Sykes, the Liberal Democrat candidate for Leeds South said:

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

“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 Leeds 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.”