Managing Your Mortgage
Life changes and so do your circumstances. Your financial situation may change during the term of your mortgage and you may have difficulty making your mortgage repayments due to redundancy, illness, relationship breakdown or other events that you have no control over.
If you are having difficulty making your mortgage repayments, or if you are worried that you may fall behind, follow the tips below:
- Don't put your head in the sand, take action immediately and contact your lender straight away. If you make contact by phone it's a good idea to follow up by letter, email, fax. Your lender will be able to help you cope and provide you with range of options. If you are already in arrears, you will need to reduce and clear your debt as quickly as possible; otherwise you could end up paying extra charges and affecting your credit rating.
- Your lender may suggest alternative repayment options to you. Before deciding on any option you should ask your lender what it will cost in the short, medium and longer term and ask if your credit-rating will be affected.
For more information about managing mortgage arrears go to our dedicated mortgage arrears web page or log onto:
StepChange Debt Charity Ireland – www.stepchangedebtcharity.ie or Freephone 1800 937 435
In short, when dealing with debt remember these small steps:
- Face facts - be honest with yourself about how much you're currently spending.
- Don't ignore debts: the longer you leave them, the harder they are to sort out.
Talk about it, there is lots of free advice if you need it.
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