The Money Mum understands that starting a household budget, especially when facing financial difficulty, can be daunting. It’s scary to look at what you spend your money on, take a red pen and feel like you have to put a line through everything. Be confident, you will feel better and importantly, in control, when you have completed it. 

The Money Advice Service offer a free, interactive and comprehensive budget planner. It gives a breakdown of where you spend your money, personalised tips on how to reduce your household bills and how to save. You can save it, print it out and update it anytime your circumstances    change.  

Budget Planner Link

MORTGAGE

1. DO NOT STOP YOUR PAYMENTS WITHOUT SPEAKING TO YOUR BANK  FIRST.

2. This is important because although the banks are geared up to help, they still need notice to set up the payment holiday. If you do not, it will affect your credit rating. 

3. Different banks are offering different mortgage payment packages.

  • Most are offering 3 month payment holidays.

  • If you take a mortgage holiday, most banks increase your mortgage repayments after normal payments resume.  

  • Most banks are waiving fees for missed payments.

  • Most banks ask that you apply online for a repayment holiday

4. If you want to reduce your payments instead of taking a payment holiday, there are a number of options depending on your lender and the type of mortgage.

  • Some lenders are offering reduced payments.

  • If you have the facility to make overpayments on your mortgage without penalty, then you may be able to take a mortgage holiday AND make mortgage payments at a level you can afford.

  • Beware of switching to paying just the interest on your mortgage, it may affect your credit rating. Check with your lender first. 

RENT

Contact your Landlord 

If you struggle to pay rent during the coronavirus outbreak you should speak to your landlord as soon as possible to let them know your situation and work out a repayment plan. Government guidance is "encouraging tenants and landlords to work together to put in place a rent payment scheme.”

There is more information and links on the bespoke Renters page. Please click on the link here  Renters page

UTILITIES

Contact your Utility Company 

 

 

If you’re struggling to afford your gas and electricity bills, contact your supplier to discuss ways to pay what you owe them. Your supplier has to help you come to a solution. You should try to negotiate a deal that works for both of you. There is more information on The Money Mums Utilities page at this link Utilities Page

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