Are mortgage payments breaking the bank?

In recent months mortgage rates have risen leaving many people struggling to meet repayments.  If mortgage repayments were the only factor in the equation then it is likely that people would not have been hit so hard, but in truth, bank rate increases have been just one of the reasons that the average UK household is feeling financial strain.

Over the past year fuel and heating costs have soared leaving the average family with a bill for utilities that has risen enormously.  All this extra money has to be found somewhere; spending in the high street is predicted to decline, hitting the retailers, and credit card debt is getting out of control.

But there is a clear distinction between feeling financial hardship and being in serious debt.  If you have suffered illness or faced redundancy, mortgage payments that were once well affordable from your budget might now be completely out of reach.  If you have a huge credit card debt that you can’t pay back you might also be looking at bankruptcy that could threaten your status as a homeowner.

Check your mortgage agreement and talk to your mortgage lender.  If you have the type of mortgage that allows you to take a ‘holiday’ from payments, that might be just the thing you need to do.  But remember, the money does need to be paid back eventually and will still accrue interest even when you’re not making payments.

If repossession is threatened, you need to act quickly.  People in this situation often react to the pressure by trying to ignore it – but DON’T!  Ignoring this type of problem will not make it go away.  You need to act fast, to communicate with the people involved, like your bank and your lender, and get together a plan to allow you to move on with your life. 

Talk to Property Rescue to see how they can help.  If you want to sell your home they will make an almost immediate offer for it and will buy houses across the country, regardless of their location or condition.  All calls to Property Rescue are in strict confidence.  Offers are made without obligation and everything is explained clearly.  Don’t let your debt problems ruin your life – Property Rescue can stop repossession in its tracks.

 

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