Newspaper article The Journal (Newcastle, England)

Are You Worried about Your Mortgage? Financial Adviser David Wilson Answers Some of the Questions He Is Most Often Asked

Newspaper article The Journal (Newcastle, England)

Are You Worried about Your Mortgage? Financial Adviser David Wilson Answers Some of the Questions He Is Most Often Asked

Article excerpt

WHEN people experience financial difficulty, in particular in relation to the family home, it is often the initial request for advice which is the most difficult.

Seeking advice on financial concerns whether it is from information websites, such as www.moneyadviceservice.org.uk, or from a trusted adviser is critical to ensuring prompt and informed decisions are made.

Here are selections of some of the more common mortgage concerns people often ask: I'VE missed a mortgage payment and I'm worried about my next payment already. What can I do? It's important that from as early as possible you review your financial position.

You should firstly make a list of all your debts and then complete a budget (income and expenditure) to show what you have coming in and going out of your household.

It's crucial that priority debts such as mortgages and secured loans are maintained so emphasis needs to be placed on ensuring these payments are met.

Before you speak to your mortgage lender you should fully understand your financial position and speaking to a debt adviser or financial adviser would be recommended.

They will be able to give you advice - before you talk to your lender - about how to deal with the issue and also negotiate any repayment of arrears.

CAN I consolidate my loans and credit cards on to my mortgage? If you're considering consolidating your unsecured debt on to your mortgage it is vital that you seek advice from a financial adviser. Consolidation can be a very productive exercise but consideration needs to be given to the following factors: ? Unsecured debt is being secured against your property.

The debt is potentially going to be repaid over a long term so interest charges could be higher.

The reasons behind you looking to consolidate - are there any other options? The decision to consider consolidation is a positive one but you need to ensure you get it right first time!

I HAVE an interest-only mortgage and I've received a letter from my mortgage lender asking about my current financial situation. They have indicated that I may require an appointment to discuss my mortgage - what does this mean? …

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