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Many families have found that the recession has severely affected their income and circumstances. Jobs have been cut, overtime reduced and many families have found that they cannot meet mortgage and loan repayments as a result. Research has shown that the amount of homeowners struggling to meet their monthly costs has doubled in the last year, and up to three million people are having difficulty meeting mortgage payments. Luckily, those who have found that their income hasn’t dropped or even risen have found that the low interest rates have simply made up for the increased cost of living. Unfortunately, the recent VAT rise to 20% has meant that the cost of living is even higher and the recent cold spell has seen a rise in utility bills. This combined with post-Christmas credit card bills has added to the financial pressure that families are currently under. If you have found that you’re struggling to meet your mortgage repayments, you need to take action before it gets out of hand and the situation gets worse, and you may need to consider a “sell my house fast London” situation. Mortgage Action If you are struggling to meet your repayments, the first thing you should do is avoid burying your head in the sand and call your lender as soon as possible. This will show that you are being responsible and identifying the problem before it gets out of hand, and are willing to look at a workable solution. Remember, your mortgage company doesn’t want to repossess your home or chase you for payments so it’s best to put them in the picture as soon as you can. They will help you and put an action plan in place that you can stick to, and it will give you real peace of mind. Don’t be tempted to make a mortgage payment using your credit card, as these high rates will just make your situation even worse. You could also look at reducing the general running costs of your home. Can you do a cheaper food shop each week, cut back on luxuries, turn off lights and appliances when they aren’t in use, turn off radiators in rooms that you don’t use regularly and look at what government help you can get with insulation and other home running costs. And as a final step, you may decide it’s time to “sell my house fast London”.
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