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| If you’re in a position where you have a secure income and have benefited from the reduced interest rate, it important to ensure you’re paying off the balance on your mortgage. Taking the interest only option reduces monthly overheads but |  |
Resize and reduce
Some may find that they have bitten off more than they can chew with theirmortgage, whilst family circumstances may have changed for others, meaning
that they have more space than they actually need.
Assess your own situation and establish if and where there might be some
slack – if the circumstances are right, downsizing may be the most effective
solution to radically reducing the overall mortgage debt.
Mortgage payments V’s savings accountsWhilst the Bank of England interest rate cuts have benefited homeowners with
Standard variable rate, they have hit savers hard. Do your research with
regard to what options are available on ISAs, high interest
savings accounts and bonds and compare with a
flexible mortgage option, with regard to overpayments and annual lump sum
payments.
Earn an income from your homeMake your home pay it’s way by maximising on it’s returns as an asset –
investigate getting a lodger, renting it out at a premium rate as a holiday
home or weekend bolt hole, or even relocate to a beach shack on the other
side of the world for a year and rent your home long term – rental property
is extremely lucrative in the current market.
 | Budget and save Take a good, long, hard look at your outgoings aside Savings are available on most products, but consumers need to shop |
Hints and Things endeavours to provide general information in relation
to various financial products. We hope you find this information useful.
In no circumstances should the information we provide be construed as
Hints and Things providing you with specific advice in relation to your
own circumstances, or on the suitability for you personally, of any
product or service referred to in this article.
