Mortgage interest rates are literally going through the roof at the moment, but what could you do to take some of the pain away and reduce your payments? 🏠💰
Let’s take a look:
1️⃣ Extend your mortgage term to lower the monthly payment (though this will cost you more in the long run).
2️⃣ Temporarily switch to an interest-only mortgage.
3️⃣ Ask your lender about taking a mortgage holiday.
4️⃣ Consider downsizing.
🌟 Bonus Tip!
Rent out a spare room (£7.5k tax-free!) to generate extra income. For more information, click here.
Please note – it is important to speak directly with your lender about whether the above ideas can help steer you through the current cost-of-living crisis.
At Castle & Crystal Credit Union, we provide our members with secure savings and affordable loans. Please feel free to contact us, to see if we can help you.