Households in Pembrokeshire who remortgaged last year face a £8.5 million annual mortgage bombshell amidst spiralling interest rates, new research has revealed.

11.2 per cent of households in Pembrokeshire remortgaged their home last year, resulting in an average additional hit of £114 every month. The 6,215 households who remortgaged saw a collective additional hit of £8.5 million across the county.

A staggering 186,567 households were “forced to remortgage their homes” across Wales, amounting to an additional £267.3 million across the Country.

The Liberal Democrats, who commissioned the House of Commons Library research, say it shows that the Conservative government’s claims that things are improving will “ring hollow” in the face of such startling increases in mortgage payments.

Liberal Democrat Candidate for Ceredigion Preseli Mark Williams said: “Spiralling mortgage rates have been pushing families in Pembrokeshire 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.”

Welsh Liberal Democrat Leader Jane Dodds MS added: “The Liberal Democrats will always use taxpayers’ money responsibly and will never be so reckless with the economy.”