The cost of remortgaging your home in the South West has gone up by a staggering 38% since the 2019 general election, new research from the House of Commons Library, commissioned by the Liberal Democrats, has revealed.
The data shows that someone in the region who remortgaged in March 2023 will be paying an average of £1,214 a month. That is up £336 on December 2019’s average of £878 a month.
It also reveals that the South West is only marginally behind the South East and London in terms of the spike in remortgaging costs. Both those areas saw an average rise of 39%. The South West currently has the third highest remortgaging costs of any region in the UK.
Wera Hobhouse, Liberal Democrat MP for Bath, commented: “Families are seeing their mortgage bills skyrocket as a result of the Conservative government’s mismanagement of the economy.
“So many are already struggling with spiralling food inflation and energy bill costs. Now they are facing another hammer blow as a result of these mortgage costs.
“Instead of helping, Conservative ministers are making this crisis worse with all their chaos and incompetence. They cannot govern with anything that resembles effectiveness and their exodus from office cannot come soon enough.”