Steps to be used to Pay Back Mortgage During Economic Down Turn!

1. In such a situation you can transfer your mortgage loan to an interest only mortgage. You can easily pay back the interest rate if not the whole principal amount.

2. Request for a payment holiday. This offers you enough solace to overcome the financial crisis. You need not pay till the time things stabilize and breathe a sigh of relief.

3. Advice Bureau for citizens or the Credit Consumer Counselling Service can offer advice to you. They will serve as a link between you and your lender to arrive at a feasible solution.

4. Consider Remortgaging your mortgage at better rates. Government has brought down the loan rate, you can take advantage of this and refinance your mortgage loan. You can switch from a fixed rate to a floating rate. Save money with a lower interest mortgage.

Tenants should also take cautious measures to check if the landlord uses a secure deposit scheme to look after your deposit. If they do not use the services of a secure deposit scheme you could lose your deposit if the home is repossessed. They can also seek for advice from Citizens Advice Bureau or your local council to get solutions and avoid the eviction.

For more advice on property portfolio insurance and landlord home insurance.