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 Is the cost of living crisis and interest rate rise making it harder for you to keep up with your mortgage payments?

If your mortgage is starting to become a burden on your finances, don’t panic. There are things you can do to stop the situation spiralling before it’s too late.

Here are our top tips to help you stop your mortgage payments getting out of control:

1. Get advice from a regulated debt advisor
Seeking help from a Regulated Debt Adviser can help you understand your situation holistically and come up with a plan to tackle your arrears, including identifying whether you’re entitled to any benefits.

2. Contact your lender early
Lenders may be more inclined to agree to a repayment plan or other proposed solution if you alert them to potential problems early on.

3. Agree a repayment plan
You can propose a repayment plan to your lender even if possession action is underway. Your repayment plan should show that you can cover your standard monthly payment, plus extra towards clearing your arrears by the end of the mortgage term.

4. Increase your income
There are ways of increasing your income without having to be overly frugal or seek out a better paying job. Alternative sources of financial help are available if you know where to look and you are eligible for support.

Get more advice on what to do in our latest blog by Shelter.

If you’re facing a housing crisis and are fearing for your and your family’s safety and security, you don’t have to go through it alone. Get in touch today and let’s talk about how Foothold might be able to help.

*This information pertains to UK residents, therefore it may not be relevant if you are based outside the UK. 

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  • I’m no longer have a mortgage, I have cleared that debt.

    However regards the near future financially that really is an unknown.

    I have had some shares in an ISA and have just sold some about a hour ago despite loses, I had some Dunelm shares that I have lost 46% on, I had similar loses on shares in an online retailer and a lighting manufacturer.
    I had already cut way back on what I had invested in shares, so in the great realms of things it’s annoying rather than being a disaster. But a decision had to be made, to hang onto them in the hope that they will recover or abandon them now before they lose even more value.

    Having lived and worked through previous recessions I know from experience it’s time to pay serious attention to reducing outgoings and building up a cash reserve ready to cover mortgage payments and the like if income stops and/or expenses increase dramatically.

    Don’t sleepwalk into financial hardships.