Simple steps to avoid repossession – With thousands of houses being repossessed every month in the UK here are some useful and practical tips to avoid being repossessed.
Cash is king – The solution to avoid repossession is based upon the saying, Cash is king. If you can acquire or accumulate cash NOW before you are in financial trouble you will be in a better position to make your mortgage payments. A word of warning, some of these steps require discipline but the theme is to raise and save as much cash as possible.
1. Credit crunch – You need to get over this current credit crunch so no matter what your current financial status is consider this: paying off the interest only if your mortgage is repayment. Bank the difference in monthly mortgage payments of Interest only and Repayment until this credit crunch is over.
2. Payment holiday – No matter what your current financial status is ask your lender for a payment holiday and horde the mortgage payments away until better times.
3. Downsize your car – drastic times require drastic measures so think about selling your car and getting a smaller one. Pocket the difference between what you sell your car for and the price you pay for the smaller one. You could also save money on petrol, tax and insurance with a smaller car so stash the savings away.
4. Be an Ebayer – Search out everything and anything of value you no longer use and sell it. Use Ebay, car boot sales or local papers allow free adverts up to a value of £100. Stick the cash in the bank.
5. Credit cards – Make it a habit to leave your credit cards at home unless absolutely necessary (food shopping). Try and reduce your credit card monthly payments and save the cash instead.
6. Take-aways – Times are hard so difficult decisions must be made. Cut out or reduce the number of take-aways you have. Save the money instead.
Welcome to the real world – I could go on forever, and you could Google for advice on repossessions but you will not find any of my practical tips on any other site. This is the real world and you need to take real steps to protect your home against repossession so start thinking about the king. Save as much money as you possibly can in the event that you lose your job or whatever so you can still make your mortgage repayments to avoid your home being repossessed.
Challenge – See how many sensible and realistic money making ideas you can come up with, contact me and I’ll share the ideas on my site. Remember the more ideas we all come up with the more people we might save from having their house repossessed.
How would you like to discover insider knowledge of just what exactly the mortgages rate means to you? You can grab my free e-book called the Mortgage Bible that could save you thousands over the course of your mortgage. You’d be crazy not to!
MortgageWatchdog.co.uk