Mortgage stress

Q.  I am struggling to keep up with my mortgage repayments due to other financial commitments, how can I continue to meet repayments without falling behind on other bills?

A. There are many borrowers who are struggling to manage all of their financial commitments, but there is a way to beat mortgage stress. 

Refinance: One of the mistakes that many borrowers make is that they don’t regularly review their home loan. You may find that there are more competitive options available in the market now that could save you a significant amount of money. 

Negotiate: If you are happy with your current lender, then consider negotiating with them. The mortgage market is extremely competitive and lenders will not want to lose you as a customer. So, they may be more willing to negotiate in order to keep you.

Budget: When was the last time you reviewed your budget? Your circumstances are regularly changing, so why shouldn’t your budget? You may find areas where you can cut down more and put those savings towards your mortgage. Some examples include: Pay TV, eating out expenses and gym memberships.