5. Payment difficulties
At Bluestone Mortgages we recognise that the recent cost of living rises might be worrying, so we have put together some simple steps to help you manage your bills that could help you feel more in control of being able to make your mortgage payments. However, please remember that if you have concerns now, or in the future, the Bluestone team is here to help.
Here are some tools and tips to help you take control of your finances depending on your circumstances.
Step One – Take a minute to look at your income and outgoings.
Work out your income, consider other income you might receive (e.g. child benefit, child tax credit and pension credit) maintenance and child support. To help you, please visit our payment difficulties page on our website here and make use of our budget planner.
Step Two – Priority, Essentials, Luxuries or nice to have, when budgeting it is sometimes difficult to identify what is a priority or essential and what is just nice to have.
- Your mortgage, council tax and TV licence, court fines and loans secured against your property are all examples of priority debts.
- Buying food and paying for utilities are examples of essentials.
- Internet, insurance, car or public transport costs and childcare are also examples of essentials.
- Luxuries or nice to have are, full TV subscription packages, restaurant meals, takeaways, holidays, nights out, gym memberships and magazine subscriptions.
- Non priority debts are credit cards, unsecured loans and hire purchases, a non priority debt is any debt not secured on your home.
Step Three – Non priority debt For credit card and personal loans, support can be short term or longer term. Depending on your circumstances it can include;
- Making reduced payments for a short period of time where your circumstances are expected to improve or while you seek debt advice
- Agree an affordable payment plan to repay the debt over a longer period if you are experiencing severe financial difficulty.
- If you have several debts across different lenders, or you have trouble paying other bills, you may benefit from free and impartial debt advice. A debt advisor will help you work out which debts to pay first and help you deal with different lenders. They may also be able to help you find out if you are entitled to any state benefit or tax credits. The government’s MoneyHelper service www.moneyhelper.org.uk can offer helpful tips and guidance on the latest government help available to you.
Step Four – Did you know
- Bluestone offer collection dates from the 1st to the 28th of the month, this can easily be arranged over the telephone by one of the Bluestone team.
- Bluestone understands that managing your money can be difficult especially if your income is paid to you at different times of the month, you can by contacting the team arrange to pay your mortgage weekly through our online payment portal whilst you are facing short term payment difficulties.
Sometimes financial situations change and if you make little changes to your lifestyle through budgeting or cutting back on the nice to have, you can make a real difference to your finances.
If you still feel you will struggle to make your mortgage payments, please contact us at the earliest opportunity. Talking to us about your options will not affect your credit score but missing payment likely will. The earlier you contact us, the sooner we can offer support based on your needs and work with you to understand what you can afford to pay and other options that may be available depending on your circumstances.