We have had a lot of requests recently from people looking to get tips on their mortgage payments during the coronavirus outbreak.
These turbulent times are very tricky for a lot of people, and managing you outgoing payments is crucial to your overall financial health during these times.
We really want to help as many people as possible with this post, so please share it as widely as possible so that as many people as possible can benefit from it.
Tip 1 – Contact Your Bank if You Are Having Trouble With Payments
The first thing you should do if you are struggling to keep up your mortgage payments is contact your mortgage provider.
One of the worst things you can do is not to pay and provide no contact with the bank, as it shows that you are not very committed to making payments.
What you should do is speak to them and see if they are offering a mortgage holiday during the coronavirus period, as a lot of the major banks are doing this.
Failing this, you should offer to pay as much as you possibly can, as this shows good faith.
Tip 2 – Don’t Take Out Any More Debt If Possible
You should avoid taking on any more debt at all costs, as lenders look unfavourably at this.
Adding more debt on top of debt is always a bad sign, and will prevent you from getting mortgages in the future.
Try your best to avoid this outcome, and think about selling assets and downsizing as necessary.
There is no point in having a flashy car if you are riddled with debt.
Tip 3 – Stay Within Your Means
This one is especially important, and something that we feel people struggle with in today’s image-obsessed society.
Keep track of your income and stay within your means!
Have a budget and stick to it, so that you can start putting money away for a rainy day.
Sophia is a personal finance writer who focuses on budgeting, investing, and wealth management. She helps readers make informed financial decisions with practical advice and expert analysis.