£41 million remortgage bombshell predicted for June amid “summer from hell” warning

• Homes across Scotland are facing a 30% increase in remortgaging costs in June 2023, compared to 2019.

• 3,900 people a day across the UK are hit with eye-watering remortgaging costs.

• Liberal Democrats call for an emergency Mortgage Protection Fund to stop families losing their homes amid warnings of “summer of hell”.

New analysis by the Liberal Democrats has found Britain is facing a £41 million remortgage bombshell this month. The party is demanding the UK Government take urgent action to stop people losing their homes.  

House of Commons Library research commissioned by the Liberal Democrats revealed that Scottish homeowners remortgaging this month will see monthly payments that are £224 higher on average compared to 2019.

With the Financial Conduct Authority announcing 116,000 households are coming off their fixed-rate deals this month, it means Britain is about to get hit with an astronomical remortgaging bill worth tens of millions of pounds.  

The Liberal Democrats are demanding that the UK Government bring forward a fund to help young families unable to afford the rise in mortgage payments and who are struggling to avoid repossession. Under the party’s proposals, those who have seen their mortgage payments increase by more than 10% of their income could apply for grants of up to £300 a month to help cover the cost of the rise.  

Liberal Democrat Scottish affairs spokesperson Christine Jardine MP said:  

“Families across Scotland are facing a summer of hell as they scramble to find hundreds of pounds more each month.  

“The Chancellor needs to act right now because people will lose their homes if he doesn’t. It is unthinkable that the government would just sit on their hands while people face these eyewatering costs and hellish ultimatums.  

“Gross economic mismanagement has brought us to this point. From botched budgets to out of control inflation, is it just one economic calamity after another with this Conservative party.  

“The UK Government must pull homeowners away from the cliff-edge before it’s too late. The Tories created this mess- it’s about time they cleaned it up.”