Five homeowner tips to beat a recession

April 22, 2009 at 2:08 PM Leave a comment

Our top tips on how to manage your finances to survive and thrive, even in a property market downturn.

1. Get on top of your mortgage payments

  • With interest rates at historical lows, check that you are on the best deal.
  • If your current deal is up, remortgage at a good rate. Get a free mortgage quote.
  • If you get behind with payments, speak to your bank immediately.

2. Review your monthly expenses

  • Do you really need that 3 pound gourmet coffee every morning?
  • Eat in more often – and have fun and get healthy from cooking from scratch.
  • Get a better deal on your home insurance by shopping around? Get quote.
  • Reduce monthly electricity and gas bills by switching providers.  Save money.

3. Consolidate or sort out your debts

  • Try to create and stick to a schedule so you can pay debts off little and often.
  • Avoid credit card – it’s usually very expensive compared with a bank loan.
  • Consider an IVA or Debt management solution.  Get free, no obligation advice.

4. Consider downsizing or equity release

  • You could reduce your mortgage by selling and moving to a smaller home.
  • Relocate to a great value area like Shropshire, Dorset or Norfolk.
  • Consider releasing equity in your home through a secured loan.  Get loan quote.

5. Be smart about renting or buying

  • Rental activity has grown recently as people fear losing capital as prices fall.
  • However, buying at the bottom, if you can time it right, can make you money.
  • If buying in a down market, look for price reductions and don’t overpay.
  • Search thousands of Zoopla homes to rent in England, Scotland or Wales.

Entry filed under: General business. Tags: , , , , .

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