Christmas is usually a busy and exciting time of year, but it can also be stressful and expensive, with gifts to buy for family and friends, and parties and gatherings to attend. We can feel under pressure to spend, even when we perhaps cannot afford to. Social media, TV adverts and the temptation to use buy-now-pay-later schemes only adds to the pressure. Many of us will have felt the pinch more than ever this year, due to the cost-of-living crisis, high energy bills, and increased mortgage rates, and may have tried to cut back on our celebrations, but it is easier said than done!
You may have racked up further debts and be nursing a post-Christmas financial hangover. Is your New Years’ resolution to get on top of your finances? If you are struggling, or just want to save a little each month and be more organised, please speak to a qualified adviser about your options. Don’t bury your head in the sand. As daunting as the situation may seem, it will only become worse if ignored. There are positive steps you can take to reduce your monthly outgoings.
If you are juggling costly unsecured borrowing (on store or credit cards for example), you may be paying significantly more interest, and therefore higher monthly payments than if you were to consolidate your borrowing into one loan. Making multiple monthly payments can also be stressful, and more difficult to organise, increasing the likelihood of missing further payments.
Consolidating debt, can reduce your monthly outgoings and stress, leaving you with more disposable income monthly. You do need to bear in mind, that debts would then be secured against your property, and it may mean paying more interest in the long run, over the term of the mortgage.
Speaking to an adviser is more important than ever. We can discuss the different refinance options available to you, such as a remortgage, further advance or second charge. We are also whole of market, so have access to lenders who will accept different levels of adverse credit, some of which cannot be accessed by customers directly. Please don’t be put off if you have some missed payments, defaults, CCJs etc. We may still be able to find you a mortgage. You may be due to come to the end of a fixed rate this year and be worrying how you could afford higher monthly payments. We will try to find an affordable solution for you!
There’s no need to “wait and see” what happens with the market, particularly if you are coming to the end of an existing deal. The sooner you get the ball rolling the better. You may not be aware that many (although not all) mortgage lenders will allow you to switch to another product before completion. This means that we could apply and secure a rate for you now, but would continue to monitor the lender’s products, and should they reduce their rates, switch you to a cheaper deal prior to completion.
If you’d like to discuss debt consolidation or raising funds on your home/property for any other reason, don’t hesitate to get in touch. Our advisers here at Ingard will be happy to talk through your options.
If you are struggling to pay your current mortgage payments or other debts, contact your lender and/or supplier sooner rather than later to discuss your payment options.
Call 01702 538800 or email enquiries@ingard.co.uk
