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Mortgages

If you’re struggling to manage your mortgage, you’re not alone. Here are ways to make one of your biggest payments a little easier each month.

Top tips for saving on your mortgage

  • Rent out a spare room – Charge rent to help cover some of your mortgage costs, including utilities.
  • Make extra payments when possible – If possible, make additional payments towards the mortgage capital (not just the interest). Be sure to check for any early repayment penalties first though.
  • Find the best deal – Shop around for mortgage deals with better terms and lower rates to reduce your payments.
  • Extend your term – Lengthening your mortgage term can lower monthly payments, though it may increase the overall cost over time.
  • Negotiate with your lender – Discuss options like extending your fixed rate or securing incentives for staying with your current lender.

Government support and other financial assistance

Disclaimer:
Please note BudgetSmart has been created to provide you with information but it’s important to always do your own research too. Whilst BudgetSmart contains links to third party websites we think you might find useful, PayPlan is not responsible for any external content or any actions you take when accessing these links/websites