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Surviving the Current Financial Situation

March 5, 2009 by · Leave a Comment 

stressedWith everything being so tight in this market Cash is still King.

Make the decision to take the pressure off the household and your relationships at home by taking the following positive steps:

1) Place the mortgage on interest Only. There must be enough equity in your property to allow the mortgage provider the room to stop the principle payment. The banks will normally allow you to resume the payments when you can afford to start them again.

2) Ask for a three month mortgage holiday. You do have to have your rates and your house insurances up to date. No Mortgage payment for three months can often see people through their short term financial problems.

3) Top up your existing mortgage. Top up your existing mortgage loan to pay off your consumer loan or credit card. By repaying a loan at 20% to a mortgage at 6% you can reduce your repayments and increase your cashflow.

4) Change the term of your mortgage: If you still want to make principal loan repayments, change your fifteen year loan to a twenty five year loan, hence reducing your monthly payments.

5) Top up your existing mortgage: Top up your existing mortgage to fund your calculated mortgage payment shortfalls for a couple of years. Please do not let your mortgage get into arrears or have bad account conduct such as late payments. The Banks are far more cooperative if you have kept your mortgage payments up to date.If you find yourself in a situation where your mortgage payments will not be manageable it is important that you contact your mortgage broker to discuss your options.

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