Five homeowner tips to beat a recession
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.