PIL Petersfield

Independent Financial Advisor Petersfield

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Struggling With High Levels Of Debt

If you are struggling with high levels of debt and whilst it might not bring you great comfort, you might be surprised to learn that you are not alone.

Pepper Money, in partnership with YouGov, recently launched the seventh edition of their Specialist Lending Study. They surveyed more than 6,000 UK adults, indicative of a demographically representative sample of the British adult population.

It was uncovered that 15.16 million people have a history of adverse credit – missed credit payments, Defaults, CCJs, unsecured arrears, secured arrears or entered a Debt Management Plan.

Key findings highlighting levels of unsecured debt:

  • 49% of people who’ve missed one credit payment say they have then gone on to miss further credit payments.
  • 45% of people with adverse credit say their use of Buy Now Pay Later credit has increased in the last year. 17% say it has increased a lot.
  • 30% of people with adverse credit have unsecured debt of more than £5,000. 17% have unsecured debt of more than £10,000. 9% have outstanding debts of more than £15,000.
  • 43% say their level of debt has increased in the last year.
  • 36% of people with adverse credit are concerned that their level of debt will impact their ability to get a mortgage in the future.
  • 50% of people with adverse credit have never heard the term ‘specialist mortgage lender’

One way to get on top of your debts, is by raising capital with a remortgage or second mortgage to pay off the separate balances, consolidating them into additional borrowing secured against your property, offering more affordable monthly payments.

Restructuring finances requires careful consideration of the risks involved, as it may increase the overall amount that is repaid. Moving from unsecured debt to secured debt means offering your home as security for that debt.

However, it can also prove to be a vital lifeline for households struggling in the current environment to reduce their monthly costs.

Warning: your home is at risk if you do not keep up payments to your mortgage or any other loan secured on it.

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Home Reversion Schemes

Not that long ago, if you were approaching retirement age and had not repaid your mortgage, your only option was to sell and downsize.

Enter: Home Reversion Schemes and Equity Release mortgages. Loved and loathed, perhaps in equal measure, they were tools of Satan to some and s
aviours to others. Perhaps rightly, their relative merits and true costs were both praised and vilified.

Things move quickly in the world of financial services and there are now many options within the Later Life lending toolshed, including options that allow for conversion of a traditional style mortgage to, as extreme as, interest roll up in the future.

We can guide you through the retirement mortgage maze, if you ned to raise funds after retirement or are worried about how you might remain in your home beyond retirement and the maturity of a mortgage.

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Are we too late to buy our first home

An article I read in the national press the other day piqued my interest.

Entitled: “I’m 48 and my husband is 50 – are we too late to buy our first home?” – the answer is absolutely not!

True, you might have a few hurdles to overcome, but an Independent Mortgage Adviser will have various for options for you.

If you, or someone you know, are in this position, encourage them to get in touch.

Ian T. Batchelor – Independent Mortgage & Protection Adviser