£42.6 Million Mortgage Bombshell in Bradford District as 30,850 households forced to remortgage last year

Households in Bradford District who remortgaged last year face a £42.6 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.

14.7 % households in Bradford District remortgaged their home last year, resulting in an average of additional hit of £115 every month. The 30,850 households who were forced to remortgage saw a collective additional hit of £42.6 million in Bradford District.

Bradford’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 Bradford East, Rob O'Carroll, said:

“Spiralling mortgage rates have been pushing families to the brink up and down the Country. 

“The aftershocks of Liz Truss’s disastrous mini budget have saddled thousands of households 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 at the end of May will ring hollow to the thousands in Bradford 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.”