Times are changing, is your mortgage keeping up?
We have seen significant rises in interest rates in recent months. This has increased the cost of most mortgages. Alongside a rise in fuel, food and services, we are seeing an increased burden on the general cost of living.
Mortgage costs can represent a significant part of most household outgoings. The financial climate has changed and your circumstances may be different to when you took out your current mortgage loan. These changes may already be impacting your lifestyle and forcing changes in your spending habits. You may be experiencing financial distress or anticipate problems in keeping up with your monthly payments.
What can you do about this?
We understand circumstances can change. We encourage you to contact us to discuss any concerns. There a number of steps you could take to address the situation:
The mortgage rate applicable to your loan may no longer be the most attractive. If you are on a base rate tracker, you may find it valuable to:
- fix your loan rate to obtain certainty,
- consider a discounted rate to reduce your immediate outgoings.
You may wish to consider altering the terms of your current mortgage loan. This can be done by:
- extending the mortgage term to reduce your monthly payments,
- requesting a period where you only cover interest due,
- take a payment holiday for a period.
It is important to review what income you receive and, more importantly, how you spend it. This will help you take control of your budget.
If you have available savings, you could consider making capital repayments to lower your outgoings. You would of course part with savings income and reduce your liquidity.
We believe in offering personalised solutions. One size does not fit all. We do not offer a mortgage advisory service, but are very happy to review the options available and provide you the relevant information for you to take a decision. A combination of the various options detailed here may create your optimal solution.
If you are experiencing financial difficulties
We recognise that some customers may be facing financial challenges or anticipate difficulties in future. If this is the case, talk to us. TNB is here to help.
We believe in tailored solutions that are right for our clients. So if you want to explore your options further, please contact your Relationship Manager who can introduce you to our in-house mortgage experts to discuss what we may be able to do for you.