New research conducted by the House of Commons Library, commissioned by the Liberal Democrats, has revealed that 41,955 households in Oxfordshire were forced to re-mortgage last year.

The research also revealed that households in Oxfordshire who re-mortgaged in 2023 amidst Liz Truss’s mini-budget fallout amounted to £127.6 million additional mortgage payments needing to be made per year.

The worst affected area in Oxfordshire was Cherwell, where 16 per cent of households re-mortgaged their home last year, resulting in an average of additional hit of £237 every month.

The 10,543 households who were forced to re-mortgage saw a collective additional hit of £30 million.

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Oxfordshire Liberal Democrats have slammed the Conservative government for “pushing families already stretched budgets to the brink” and said that the PM’s boasts over new inflation statistics will “ring hollow” for all those struggling with higher mortgage rates.

Parliamentary Candidate for Oxford West and Abingdon, Layla Moran said: “Spiralling mortgage rates have been pushing families’ already stretched budgets 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 eroding people’s hard earned income.

“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.

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“The Prime Minister’s boasts about new inflation figures will ring hollow to the thousands in Oxfordshire who have borne the brunt of the cost of living crisis."

Oxford Mail: Money allocated

In response to this, Conservative candidate for West Oxfordshire and Abingdon Vinay Raniga said: "The last few years have not been easy.

"We have faced the legacy of COVID-19 and global instability with the war in Ukraine and the Middle East - these challenges have made life tough for people in Oxfordshire and across the UK. 

"This is why the Conservatives have cut inflation from 11.1 per cent to 2.3 percent grown the economy by 0.6 per cent in the last few months - the joint fastest in the G7 - and cut taxes by £900 for the average worker. 

"Inflation is the worst tax on Oxfordshire residents, which is why we have taken drastic action to control it within one year so that interest rates can follow. 

"During the pandemic, this Conservative government rolled out the Furlough scheme to save millions of jobs and led the Vaccine Task Force to save millions of lives.

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"In contrast, the Liberal Democrats in Oxfordshire have been incompetent with taxpayers' money.

"They have spent £51 million on the Eynsham Park & Ride without building an access road.

"We are now facing an anti-motorist £57 million tax bombshell on Oxfordshire families with traffic filters, LTNs, and more.

"We have seen from Ed Davey's antics this week that the Liberal Democrats do not have a plan and are not serious about governing. 

"The Conservatives in Oxfordshire are serious about what matters and have a positive plan that is working.

"This means we can cut taxes for working people—and we must stick to the plan." 

The candidates for Oxford West and Abingdon in the upcoming general election are Conservatives' Vinay Raniga, Labour's Stephen Webb, Liberal Democrats' Layla Moran, Green's Cheryl Briggs, and Reform UK's, James Gunn.