Practical financial solutions that could get you through.
The current economic market means some people are looking for practical ways to save money right now. Here are some suggestions from the team at Oliver Mortgages that we believe can be both useful and very practical
#1 If you find yourself in a situation that is unsettling – a new baby on the way and being reduced to a single income, there are things you can do to help manage your mortgage successfully. Consider restructuring your existing mortgage and convert to interest only for a short period of time – 12-24 months. This will get you through perhaps a difficult time and help free up some cashflow.
#2 Consolidate all your loans. Some people have 2 or 3 loans for their mortgage. These can be at different rates and different loan types. By consolidating these you can negotiate a single rate that may be more beneficial long term. Even consider consolidating over a longer period of time. Yes you will pay more interest long term but it may free up cashflow for now and get you through a difficult period
Don’t forget if you have a mortgage along with vehicle loans, hire purchase, credit cards and personal loans… then consider consolidating all your debt under the one mortgage. Just remember if you do this, it doesn’t automatically follow that you go and get more hire purchase or debt!!!
#3 if you are in a position to – consider downgrading your existing home. Perhaps the family have all left home and you are wandering around in a house that is very large. Even in difficult times houses sell and there are families needing more space. It may take longer to sell and you may have to be more flexible on price but this could help reduce debt and ease cashflow. Remember if you buy and sell in the same market prices are relative – what you loose on the swings you gain on the roundabouts.
#4 If you are over 60yrs, a Reverse Annuity mortgage may assist with cashflow and removing other debts. Even in a market that is not booming the likelihood of a negative equity situation is rare – especially if dealing with a creditable firm such as Sentinel. Firms like Sentinel will only loan up to 45% of a homes value – so the balance of 55% is still owned by the home owner
#5 – if you are coming up to the end of your current fixed term loan- CONTACT US! We urge you to get in touch before it comes up so that you can take some time to evaluate both your current situation and the market situation and do it with an unbiased, independent professional Mortgage Broker. The reason Oliver Mortgage Services exists is to ensure people receive good sound advice free of charge so that decisions can be made based on facts, reflective input and for people not to be rushed, harried or pushed into making decisions based on lack of time, or lack of information.
Wayne, Scott and Aaron are able to assist anytime, its as simple as picking up the phone and booking an appointment FREE OF CHARGE to discuss your needs before its too late!
#6 and finally – consider revisiting some of your other ongoing costs… insurance! You cannot afford to be UNDER insured just as you cannot afford to OVER insure. Finding an hour of your time is a small price to pay to have an independent adviser review your current cover. Aaron is happy to do this for you at NO CHARGE as well. Simply phone the office and book an appointment whether you are an existing Oliver Mortgages client or not.