Will Forster

Campaigning to be the Lib Dem MP for Woking, Deputy Leader of Woking Borough Council and Councillor in South Woking Learn more

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£31 million mortgage bombshell in Woking as over 7,000 households forced to remortgage last year

by willforster on 8 June, 2024

Households in Woking who remortgaged last year face a £31.3 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.

Clear evidence the Conservative’s economic plan is not working, despite the Prime Minister calling a General Election citing his plan is working.

17% households in Woking remortgaged their home last year, resulting in an average of additional hit of £370 every month. The 7,044 households who were forced to remortgage saw a collective additional hit of 31.3 million in Woking.

The Lib Dems 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”.

Spiralling mortgage rates have been pushing families to the brink here in Woking. This General Election is the public’s chance to remove this out of touch Government from power and get me as their local MP who will help cut the cost of living.

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 Woking 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.

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