Save Money on Your Mortgage.

Today I contacted my building society just to enquire whether my rate could be reduced. It was entirely done as an exercise to give you the results. So the results of this little exercise means that I will be saving myself thousands over the next few years, especially if I do it on a two yearly basis.

Just by contacting your building society and telling them that you are thinking of changing your mortgage to another mortgage supplier may save you thousands over a few years too. They will go through the payments you are paying at the moment and offer you a better rate if they can.

Also, if you have a good record of paying your mortgage on time with no defaults but have now fallen upon hard times financially, you could contact your building society to find out if they have any 'holiday payments' periods. Holiday periods are generally six months of non payment of your mortgage with the unpaid amount being added onto the term of the mortgage. Most building societies now offer this option and if yours doesn't then it would certainly be worth while changing to a more flexible mortgage company.

Another option would be to ask your building society if you could extend the term of your mortgage to make your payments more affordable in the immediate future. Later, when times become easier financially you could pay more each month to reduce the term of the mortgage back to the original term.

The more flexible your mortgage the easier it will be to be in control when you have to deal with hard financial times which may be out of your control.
Aine Callan
Survive your Debts Challenge