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What to do when you are worried about paying your mortgage? Heritus Marketing Grou p

What to do when you are worried about paying your mortgage?

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Page 2: What to do when you are worried about paying your mortgage?

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Page 3: What to do when you are worried about paying your mortgage?

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Page 4: What to do when you are worried about paying your mortgage?

Life is full of ups and downs and most of the times the situations are unpredictable. One worry that might haunt your mind at such times is how to pay your mortgage.

There are two situations when paying your mortgage can become your worry:

1. If your mortgage payment is going to go up

2. If the financial situation you are in, is going to change

Both of these however boils down to the same thing - you may not be able to afford your mortgage payments

One way to deal with this is to understand your facts. What type of mortgage have you chosen? Is it a fixed rate mortgage or a variable one? What is the procedure you need to follow to change your lender? In case you are on an introductory deal, when would it end? and when it does, by how much will the rate of your mortgage increase? Once you get the answers to these questions, your worries will automatically come down.

Page 5: What to do when you are worried about paying your mortgage?

Find out if you are entitled to any benefits

It is a good idea to visit the Direct Gov’s website and check if you are entitled to any benefits. It may be possible that you are entitled to a few but are not making use of them.

Check if you are insured

Dig out your mortgage papers and go through them carefully. There may be clauses where the insurer might make your mortgage payments during times of unemployment, sickness or accident. Go through your other insurance policies and see if they help in your situation.

Page 6: What to do when you are worried about paying your mortgage?

Go through your Budget

Your mortgage is not the only thing you pay in a month. Maybe you can save on your other bills. Check where the money is going by going through your budget. A few changes here and there can help you sail through this crisis in an easy way

Page 7: What to do when you are worried about paying your mortgage?

Every mortgage lender will usually have many products that you can take advantage of. See if any of these can help you in any way. Remortgaging with your existing lender would mean cutting down on so many costs such as the closing fees, penalties and so on. Increasing the term of your mortgage could also be an option.

Check if your mortgage lender can offer you a

better deal

Page 8: What to do when you are worried about paying your mortgage?

Every problem has a solution and if making your mortgage payment is your problem you can always feel free to talk to your lender about it. He might have a definite solution that you have never thought of.