Tips to avoid slipping behind on your Mortgage

Posted on: 22.02.2016

We never wish for anyone to fall behind on their mortgage but we understand that it happens. Here are our top tips to help ensure that you never go through this:

1. Pay a little extra onto your mortgage while interest rates are low

This will then allow you to pay down your mortgage balance therefore reducing your total interest charges. It may be a slight sacrifice whilst interest rates are low but it will be a lot better than struggling when/if they rise.

2. Reduce down as much of your personal debt as possible while you can.

Credit cards & personal loans are the biggest culprits for charging huge interest bills each month. Usually, when interest rates rise, these tend to jump even higher. Transfer your credit cards to interest free now and focus on paying them down, then cut them up.

3. If you find yourself struggling with your mortgage, make sure you call your mortgage broker before it’s too late.

Mortgage Brokers can sometimes help reduce the burden of your mortgage by transferring you to interest only repayments or negotiating your mortgage interest down further. You need to do this BEFORE you default though, as sometimes once you have defaulted or if you are in arrears they won’t negotiate until you bring the mortgage back up to date.

4. Ensure that your mortgage is always working the best it can be for you

Always review your mortgage if something changes in your life that affects your financial situation, so that we can make sure your current mortgage is still best suited for your needs.

The main thing to remember is that interest rates are at record lows and won’t stay this low forever. So get ahead while you can! If you’re still in need of further tips or information please don’t hesitate to contact Uprosper so we can help you wherever possible.