How to effectively manage your Mortgage!

Following are five tips to get you on your way:-

Direct Debit: Make your repayments on time, organise to have your mortgage to be direct debited from your pay.

Never be late: If you cannot make your repayments, organize with your broker to perhaps refinance as an option… much better to extend the life of the loan than to go into default.

Budget: Keep your mortgage the priority even if that means cutting back spending in other places. Make a budget factoring in your mortgage repayments and expenses then keep a diary of your expenditure which will make it easier to stick to your budget.

Pay more than the minimum: Pay your repayments fortnightly which will save on interest charges and when you have extra funds eg. tax refunds, pay them straight of your home loan… it will certainly make a difference in the long term.

Cut Debt: Reduce credit cards and their limits and only use them very seldomly. You will then have more control of your spending which will also make a difference to your mortgage.