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4 Tips for managing your finances on a reduced income

manage your finances on a reduced income

During this global pandemic, the health and safety of your friends and family are of course your primary concern, but for many, money worries are a close second. If like many others you've found yourself managing your finances on a reduced income due to loss of business, loss of employment or being temporarily furloughed, then read on. This post will give you four practical tips to stay on top.

1) Do a thorough assessment 

The first and most important step is to thoroughly assess your financial situation. Complete a review of any income that's still coming into your household. This could be income from employment, business, benefits, investments etc.

Next, go through all of your expenses such as mortgage, utility bills, groceries, debt repayments, monthly subscriptions etc.

Once you've completed these tasks, you'll have a clearer picture of whether you're still able to live within your means or whether you need to take steps to increase your income and/or decrease your spending.

You may feel tempted to bury your head in the sand rather than addressing your current financial situation, but by facing your fears you'll be much better equipped to continue managing your finances on a reduced income.

2) Check what support is available

If you're currently in a financially vulnerable position, firstly know that you're not alone and that this is nothing to feel embarrassed about.

Financial problems can happen for many reasons - and can often be out of your control.

The important thing now is to seek the support you need to make sure you're able to keep your head above water. The government have provided lots of useful information on financial support that's available during these difficult times.

There are also lots of resources on the Money Saving Expert website.

3) Speak to your lenders

Many lenders are offering a 3 month mortgage payment holiday to people who are struggling with finances right now. You will still be charged interest for the period when you're not paying, but this will be added to the total cost of your mortgage rather than charged upfront. Please note that you must seek agreement with your lender before taking a payment holiday.

Loan and credit card payments are also offering 3 month payment holidays right now.

Click here to learn more about how BB Mortgages can support you through the current crisis.

4) Consider refinancing your mortgage

One option might be to remortgage. Interest rates are at an all-time low right now so there is a potential to lower your monthly payments if you're able to refinance to a mortgage with a lower rate. It's a good idea to speak to a mortgage adviser who can assess your current situation and advise you on the best options for you.

Here at BB Mortgages, we offer free consultations so do get in touch if you'd like to chat.

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We'd love to help you find the right mortgage! To chat to one of our friendly advisers, book your free consultation today... ⬇️

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We'd love to chat to you about finding you the perfect mortgage for your needs. Click below to book your free consultation with one of our expert advisers.

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Ellen King

Absolutely delighted with the service we received from Dean. The advice we received was timely and thorough; the service provided went above and beyond our expectations compared to other mortgage advisors we have used in the past and the whole application process was made straightforward and stress free. Overall, an excellent value for money service that I would highly recommend.


Ellen King

BB Mortgages
2019-09-04T15:53:10+01:00

Ellen King

Absolutely delighted with the service we received from Dean. The advice we received was timely and thorough; the service provided went above and beyond our expectations compared to other mortgage advisors we have used in the past and the whole application process was made straightforward and stress free. Overall, an excellent value for money service that I would highly recommend.

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.


Miss Knight

BB Mortgages
2016-03-22T17:24:36+00:00

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.

Mr L

Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

BB Mortgages
2016-09-13T12:38:09+01:00
Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

Miss G

Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

BB Mortgages
2016-09-13T12:43:22+01:00
Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

Mr W

Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

BB Mortgages
2016-09-13T12:48:10+01:00
Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

Mr C

Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.

BB Mortgages
2016-09-13T12:49:06+01:00
Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.
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