Another day, another cost-of-living crisis update. We know it can be overwhelming, especially if you’re struggling to keep up with your bills. Our goal at Newhomes is to provide you with the best possible support.
In this article, we’ve included tips you can use to help manage your finances and explain how Newhomes can help you!
Reduce your spending where you can
If you’ve just moved into your new home, or it’s your first time needing to get strict with your finances, check out our summer blog here. It will provide useful tips on cutting down on your bills and managing your budget.
So what happens when you’ve worked hard to reduce your energy usage, your food budget, and your food shopping? What else is there for you to try?
The government is providing £37 billion of support for the cost-of-living crisis to families this year. The funds will be used to help with energy bills, cost-of-living payments for those on lower incomes, raising national insurance contribution thresholds (meaning you can earn more before you start paying tax), as well as several other schemes.
To learn more about how the funds are being used and to check if you’re getting all the support you’re entitled to, visit www.gov.uk/cost-of-living.
How can Newhomes help you?
Making changes to your mortgage
The cost-of-living crisis is daunting, but it won’t last forever. One option to help in the short term is you may be able to reduce your mortgage repayments by extending your mortgage term or remortgage to an interest-only repayment model temporarily.
Changing your mortgage before your fixed rate expires may result in an early repayment charge from your current lender. However, our advisors can talk through this with you and help you decide if this is the right decision for you.
If you live in an older home or your home has a low energy performance certificate (EPC), a simple way to stretch your budget is to make upgrades to your home.
You may be able to release equity from your home to fund upgrades that will reduce bills. Upgrades to your heating system, replacing older windows and doors, adding insulation to your walls or roof, installing solar panels, or switching to a heat pump could all help improve the efficiency of your home and save you money on heating and energy bills.
If you are considering home improvements and need to release equity we can also help you with this. A simple call to one of our friendly advisors will enable you to talk through your options.
Always here to help
We hope this guide gives you some new ideas to help you manage your finances. We know it feels difficult right now and many families are struggling, and we want to help you if we can.
You can call us on 01543 464 144, or request a call back here.
We’ll work with you on your mortgage and insurance options to see if we can help save you money.
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