Here at Greenshoots Financial, we are very aware of the impact of the cost of living crisis on people right across Scotland. Rising interest rates, higher food prices, the high cost of petrol and diesel, and the cost of energy for your home contribute to a more challenging financial picture for many of us. However, we want you to know that our Advisers are on hand to offer support should you ever find yourself in a position where your Mortgage payments or Protection Policy premiums are becoming a challenge.
It's imperative that you keep up your mortgage payments and payments on any other credit you might have. If you think you may struggle to make a payment, you mustn't ignore the situation. It's a sensible approach for you to contact your Mortgage Lender and other Creditors and explain what's going on for you. Lenders are generally sympathetic and want to support you in finding a solution that works for both you and the Lender.
As you know, your Mortgage Protection Policy provides valuable cover. Depending on the type of policy you have taken through us, your policy ensures that you are protected financially should you not be able to make your monthly payments. Suppose you find it necessary to review your outgoings. In that case, it is vital to remember that your monthly premium for any policies we arranged for you is an essential expenditure. Like your mortgage, you should keep your premiums up to date. And just like your mortgage, if you need to discuss your cover and premiums, please get in touch with us immediately. There may be options available to keep your policy in place. If you have any policies you took out yourself, then now is the ideal time to review them with one of our Advisers. We can let you know if the policy is appropriate for your current needs and recommend any changes that should be made.
If you find that your disposable income is eroded, then a re-mortgage to consolidate more expensive debt could be an option. If you would like to discuss this further, please contact us.
Aside from us, there are independent organisations and charities you can contact for help and advice with your finances:
Citizens Advice Scotland - www.cas.org.uk
Money Advice Scotland - www.moneyadvicescotland.org.uk
National Debt Line - www.nationaldebtline.org
Stepchange - www.stepchange.org
At this challenging time, we are here to advise and support our clients, both current and new. So please do get in touch.