The cost of remortgaging a home has surged by a staggering 38% since the 2019 general election, according to new research commissioned by the Liberal Democrats.
The study, conducted by the House of Commons Library, reveals that individuals who remortgaged in March 2023 are now paying an average monthly cost of £1,305, which is a substantial increase of £350 compared to December 2019.
These numbers are particularly striking for homeowners in London. Those who remortgaged in March 2023 can expect to pay an average of £2,187 per month, which is a hike of £615 since the last general election. The South East saw monthly payments rise by £448 to £1,599.
In contrast, homeowners in Yorkshire witnessed a 28% increase in remortgaging costs since the last election, equating to an additional £211 per month.
The analysis leverages estimated monthly mortgage payments for those who remortgaged in March 2023, with data sourced from UK Finance, a leading trade association.
The Liberal Democrats claim this upward trend highlights the Conservative Party’s failure to protect homeowners, particularly amid a cost of living crisis. The party proposes the establishment of a Mortgage Protection Fund to provide temporary grants to those at greatest risk of losing their homes due to skyrocketing mortgage costs.
Sarah Olney (pictured), the Liberal Democrat Treasury Spokesperson, expressed concern about the impact of these escalating costs. “Families are seeing their mortgage bills skyrocket as a result of the Conservative Party’s mismanagement of the economy,” she said.
She continued: “The hard-working middle class is already shouldering the highest tax burden in 70 years. Now, they face another blow with soaring mortgage costs. Conservative ministers are exacerbating this crisis with their chaos and incompetence.”
Olney concluded with a pointed remark: “It’s no wonder so many former lifelong Conservative voters feel this government no longer speaks for them.”
