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I’m worried I won’t be able to pay my mortgage



With mortgage rates continuing to rise, this is becoming a common thought amongst many borrowers. However rather than pushing these worries to the side, talking about them to someone who can help is your best bet.

With most loan terms being around 30 years, it’s safe to say in this time, things will change with finances, jobs, relationships or situations that could affect making repayments. Being prepared for how you will manage this uncertainty is key.


Right now, with interest rates rising and house prices falling, it’s a good idea to have a look at how you are managing your money. Especially if things are starting to feel a bit tight. Is there anything you can cut back on? Maybe that’s making lunch instead of buying it, or cancelling the gym membership you never use. Is there any way you can increase or add to your income? Perhaps through a side hustle, or asking for a raise at work?

If you are still feeling concerned even after an audit of your spending and finances, then talking to your mortgage advisor is crucial. We can investigate what other options are possible in order to make repayments easier.


Once we’ve explored all of these options, if things still aren’t looking good, then we can talk with the bank’s hardship team on your behalf and explore the options there - this could look like switching to interest only repayments for a while, lengthening the term of your loan, or even looking at a repayment holiday for a short amount of time.

Being open and honest about your situation to the bank is a much better idea than avoiding the discussion altogether. Banks are here to help and the last thing they want to do is see you lose your home, so an open conversation with them is the best way forward.

If you are struggling to meet your home loan repayments, or are concerned about any future interest rate rises, then get in touch with us as soon as possible. We can discuss your options and help you get a plan in place to manage things. Don’t leave it too late - get in touch with our mortgage advisors today.

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