Hardship Tips For Mortgage Payments
With fixed rates ending, following the surge of homeowners, who locked in their rates, we acknowledge that many are now starting to feel the financial pinch or for some they are experiencing financial hardship. Here are a few tips to consider:
1. Do not hesitate to ask your bank to review your interest rate, as many banks are offering competitive rates and cash-back offers to encourage homeowners to switch lenders.
2. Talk with your broker or financial adviser to review your situation.
3. If your interest rate is reduced, ensure the bank reduces your monthly repayments, as this is often not automatically applied.
