Everyday Money

If you are struggling with finances, particularly paying your mortgage, here are some ideas to help ease the burden.

• Sell luxury items or household goods that you don’t need, if you are a two car household reduce to one. Any money you save or make should go to reduce your mortgage.
• Look at ways to reduce your outgoings - is there anything in your budget you can do without.
• Look at how you might increase your income – part time work, take in a boarder, can you set up a small business from home.
• Most lenders will offer you a 90 day repayment holiday if you need one.
• Convert to an interest only mortgage until your situation improves. This will reduce your repayments.
• Extend the term of your mortgage.

Bear in mind the last three suggestions will increase your interest bill and are short term solutions only.