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It can be worrying when you are struggling with your rent or your mortgage. Your rent or mortgage payments are considered as a priority bill, so should come above many other expenses in your household budget. Have a look at our helpful hints and tips below on how to budget and get the most from your rent or mortgage.
If you are struggling, it is usually as a result of the cost of living, or a change in circumstances, or simply due to expensive bills or debt repayments. Getting advice as soon as possible on how to address any rent or mortgage difficulties is important if you are struggling.
Fill in the form on this page or call freephone 0800 043 5133 for confidential, no obligation, debt advice.
If you are a homeowner with equity in your property and you are currently struggling with your debts, you may be able to release equity to pay towards the debt if you are eligible for a remortgage. You do need to be wary if thinking of doing this as you need to be clear that you wont be paying more money in the long term with issues such as mortgage rate rises and interest. If you are thinking about a remortgage the best thing to do is have detailed discussions with a financial advisors or your lender to see what all options are and if they are beneficial.
Switching your mortgage to interest only could be a temporary solution if you need to free up some monthly disposable income in the short term. Like remortgaging, it may reduce your monthly outgoings, because you are not paying off the capital of the property. Maybe your curent mortgage payments are too high or you might need to free up money to pay off your debts and finances . If you are thinking about switching your mortgage to interest-only, talk to your lender or a financial advisor and explain to them your reasons for doing so. They will be able to identify if it is a good idea for your circumstances and advise accordingly.
Getting a Lodger can be a great way of helping with your monthly outgoings. If your mortgage is too high or you have unmanageable debts. this is one of the most successful ways to gain some extra income each month and quickly too. You have complete control over how long it is for. With a full time lodger, you can earn up to £4,250 per year tax-free.
Renting can be quite expensive. If you are renting a house and have a spare room in it, perhaps you should look into house sharing with another individual. You may need to discuss this with your landlord but you could cut your monthly rent in half, leaving you with money to pay off debts and pay bills. If you are a renter and your lease is expiring soon, perhaps you could be the person to look into house-sharing in another house. It may be an upheaval at first, but could again end up saving you a lot of money, even as a temporary fixture.
If you need some help and advice on how to deal with unaffordable debts, click the button below and fill in our contact form. One of our advisors will then contact you to discuss your options.
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