Cost of remortgaging up by 38% since 2019

EMBARGO: For Immediate Release

The cost of remortgaging your home has gone up by a staggering 38% since the 2019 general election, new research commissioned by the Liberal Democrats has revealed.

The House of Commons Library research shows that some who remortgaged in March 2023 will be paying an average of £1,305 a month, up £350 compared to December 2019.

The figures are even more stark for London, where someone who remortgaged in March could expect to be paying £2,187 a month, up £615 since the last election. In the South East, monthly payments for those remortgaging have soared by £448 to £1,599 a month.

By contrast, homeowners in Yorkshire have seen the cost of remortgaging go up by £211 a month, an increase of 28% since the last election.

The analysis is based on estimated monthly mortgage payments for people who remortgaged in March 2023, using data from the trade body UK Finance.

The Liberal Democrats said it showed the Conservatives were letting down a generation of homeowners, saddling them with soaring mortgage payments in the middle of a cost of living crisis. The party is calling for a Mortgage Protection Fund, to provide temporary grants for those most at risk of losing their homes due to soaring mortgage costs.

Commenting on the figures, Liberal Democrat Treasury Spokesperson, Sarah Olney said: 

“Families are seeing their mortgage bills skyrocket as a result of the Conservative Party’s mismanagement of the economy. 

“The hard working middle are already facing the highest tax burden in 70 years, now they are facing yet another mortgage hammer blow. 

“Instead of helping, Conservative ministers are making this crisis even worse with all their chaos and incompetence.

“It’s no wonder so many former lifelong Conservative voters feel this government no longer speaks for them.”

ENDS

Notes to Editors

First reported in The Times here.

House of Commons Library research can be found below.

Estimated mortgage payments at the point people remortgage

As shown in the table, someone remortgaging in March 2023 was paying around £350 per month more than someone remortgaging in December 2019, on average across the UK.