Liberal Democrat Candidate for Brecon, Radnor and Cwm Tawe David Chadwick has had his say on the mortgage situation in Powys following Liz Truss’ mini-budget.

New research by the House of Commons Library, commissioned by the Liberal Democrats says that 10.3% of households in Powys remortgaged their home last year, resulting in an average additional hit of £125 every month. The 6,199 households who were forced to remortgage saw a collective additional hit of £9.3 million in Powys.

Powys Liberal Democrats have said that the research shows that the Conservative government’s claims that things are improving will “ring hollow” in the face of such startling increases in mortgage payments which have been “pushing families to the brink”. 

Commenting Liberal Democrat Candidate for Brecon, Radnor and Cwm Tawe David Chadwick said: “Spiralling mortgage rates have been pushing families in Powys to the brink. 

“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 ‘an improved economic situation’ will ring hollow to the thousands in Powys 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.”

“The Liberal Democrats will always use taxpayers’ money responsibly and will never be so reckless with the economy.”