Mortgage Services
Tuesday, September 23rd, 2008Are you suffering from post-holiday finance blues
Credit Action, the national money education charity, has reported that twice as many British adults managed to get into debt when they went away on holiday this year compared with the same period last year.
Further statistics revealed that while 61% of British holidaymakers admit to overspending while they are away on holiday, over a quarter are alarmed when they come home and discover just how much they’ve spent.
If you’re one of those who has come home to discover you’ve spent more than you thought you had, don’t panic, there are steps you can take to get back in control of your finances.
The first step is to take a good look at your overall financial situation, and if you have run up debts then it’s important to face up to them. Don’t keep those close to you in the dark either, especially if they share financial commitments with you – they can offer support.
Draw up a realistic monthly budget and prioritise your payments, and ask yourself if you can meet them all. If not, look to see if there are ways you can reduce your monthly outgoings temporarily while you straighten things out.
If you’re struggling to meet your financial commitments then it’s crucial you speak to the lenders concerned, you may be able to agree new, more realistic monthly repayments. And if you need professional debt advice there are organisations, such as the Citizens Advice Bureau www.citizensadvice.org.uk, Consumer Credit Counselling Service (CCCS) www.cccs.co.uk and National Debtline www.nationaldebtline.co.uk who can advise you for free.
And, given the current economic climate, if you need to apply for credit as a short-term measure to help you get your finances straight, then it’s a good idea to contact ProGages Financial Services.
Improve your credit rating and follow tips to secure a good mortgage deal
As banks feel the effects of the economic downturn, limited funds can mean that only those with a squeaky-clean credit rating have a chance of securing a good credit deal. For the thousands of homeowners who will be looking to secure a new mortgage deal this year, that doesn’t make life easy.
Here’s how to arrange the best possible mortgage deal:
- Ensure you take into account all of the costs – arrangement fees can really bump up the overall cost you pay.
- If you can afford to, it may be worth shortening the mortgage term – it can save thousands of pounds over the life of the mortgage.
- Don’t exaggerate on your application form – lenders can check the information you supply and if it isn’t accurate you could jeopardise your chances of securing a deal.
- Mortgages can be confusing, if you’re struggling to make sense of what’s on offer then take advice from a Mortgage Adviser.