Property Rescue Blog

Bank interest rate rises, mortgages that are high multiples of salary and the end of fixed rate loans can spell financial disaster for some. What are the options if your outgoings exceed your income?

• Reduce your repayments
  Talk to your mortgage lender about your difficulties. Look at paying interest only for a while to get you over this time of financial stress, or examine the possibility of lengthening your mortgage term.
• Keep account of your expenditure
  Sounds obvious, but many people don’t know how much they spend each month and what they spend it on. Allocate your money so that necessities like mortgage, council tax and utility bills get paid first and give yourself limits for spending on items like lunches, personal shopping, groceries, etc.
• Rent a room
  Not an option that’s suitable for everyone but if you have an empty room why not make money from it? There are always people looking for a nicely furnished room, especially if you live near to a busy town, university or business park.
• Switch your mortgage
  Look for better deals than the one you have at present. Search for fixed rates or ask your current lender whether they can offer you a better rate of interest than currently pay.
• Downsize
  Perhaps the most obvious solution is to sell up and move to a less expensive property, thus releasing capital and decreasing your monthly outgoings. Property Rescue guarantee to buy your home whatever its condition, and they will make the necessary arrangements within a few days.

Whatever happens, don’t risk a repossession by ignoring your debts. Talk to Property Rescue about your options.