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The Christmas period is over and the New Year has begun, so now is the time to begin looking at your financial circumstances and decide just what areas of your present debt needs dealingwith first. According to a report by money.co.uk 4.7 million adults admit they are still paying off last year’s Christmas costs, so debt this year looks likely to be a key issue for most people. An area of debt to think about what options you have is secured loans; the most common example of a secured loan that affects many of us is our mortgage. Mortgages are secured on the value of your house and so it is essential to make sure you pay your mortgage each month to prevent the risk losing your property. If you are having difficulty with your mortgage payments contact your lender or Mortgage Broker as soon as possible as often they will be able to put forward help or advice, such as moving to an interest only mortgage for a shortperiod of time to help you get back on your feet financially.

Too often when taking into consideration mortgage payments we only look at how much we are going to be paying each month without taking into consideration the longer term picture. If possible making overpayments on your mortgage can lessen the whole mortgage term and thus substantially reduce the amount of interest t to be paid on the loan. Also this can create a buffer against negative equity, a position no one ever wants to get into. Negative equity does not just affect those who are considering selling their home, but also those of us who are thinking about taking out a Remortgage deal. If you are intending taking out a new Remortgage deal you will need to make sure you have a decent equity stake in your home first before considering this option. According to Hannah Mercedes-Skenfield at moneysupermarket.com you will need to have built up at least 20% equity in your home to find a better rate on a three year fixed deal. So what if you are not pondering selling or do not need to take out a new Remortgage deal, is there any need to worry about negative equity? Well there is still the issue of property price falls. In some areas property prices have stabilised and there have even been some gains, but the recession is certainly not over and property values could still decline. If you do want to Remortgage your property and have the required amount of equity in your property to get a better rate there are still someexcellent deals to be had. Just be sure to check all the extra costs involved in remortgaging before proceeding. Some deals may look good if you just consider the headline rate, some have a very large arrangement fee, and these can differ greatly, anything from zero to

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