Pay towards your mortgage repayments

Interest rates are at the very generous rate of 0.5% but this doesn’t mean that everyone is able to make their repayments.

It takes hard work to get on the property ladder and nobody wants to fall behind on their mortgage payment.

The difficult financial climate isn’t helping and the fear of being hit with a repossession order is a growing concern for many people. We work hard for our property investment and we don’t want to lose it What we need is a way to increase our disposable income and make it easier to meet the repayments.

It sounds obvious but it’s a fact that there are a few simple things you can do to change your current situation. These may not be long term resolutions but at least it gives you something to tide you over in the short term.

Streamline your outgoings

Increasing your available income is easily done by reducing your outgoings. Simple. Check everything you spend especially gym memberships, mobile contracts, TV and Broadband packages.

These are usually the first place where you may be spending more than you need to.
Now, No one is saying “Get rid of your TV!” but if you’re paying for that movie channel you only watch twice a month then maybe cancelling it and joining a DVD rental service may save £10 a month? Do you go to the gym? Is there a nice safe path to walk? If you pay £20 a month for the gym can next month’s £20 be used to by equipment for the home instead? Do you spend £35 a month for your mobile and send 3 texts and make 2 calls for that amount?

Food is a biggie too. A pre-packed sandwich for your work day lunch is what? £3? £3 in the supermarket can get a loaf of bread, a big of meat and salad which can make a week’s worth of food!

It’s easily done. Those are extreme examples but those alone can save £30 a week without really impacting your quality of life.

Take a lodger

Got a spare room, enough space and don’t mind sharing it? Take in a lodger. There are a lot of people who are looking to rent, either temporarily or permanently. If you live close to a large institution such as a University of Hospital you’re well in. A friend or family member that you know and trust is also a good option if you need the money but are unsure of sharing your space with a stranger.

Storage Space

Renting a room as a temporary/permanent storage space is one very good idea especially if the idea of a lodger does not appeal. Storage facilities are expensive and can be a large cost for a small business, or someone who is moving house.

There is more to look in to with this such as checking exactly what is being stored (preferably nothing illegal, dangerous or smelly!) and how it is insured etc but this will be something you will only need to check once, then you can take the payment for allowing that room you never use to contain items you don’t own and use it to pay of that mortgage payment.