, according to the charity Shelter.
Not only that, but one in four say they would feel too ashamed to ask for help if struggling with housing payments.
Are you dreading the monthly payments? Here’s some tactics to beat the fear:
• Prioritise your debts. These include your mortgage payments, gas and electricity bills and council tax. Other bills may stress you out, but are the consequences as serious? .
• Consider remortgaging. At the end of a fixed-rate mortgage, your payment hops up to the standard, usually more expensive, rate. A whole of market qualified mortgage adviser can help you find a better deal.
• Talk to your lender. If you are really worried about falling behind with your payments, it is better to be honest. Your lender will also want you to sort the problem out - .
• Take advice on managing your finances. You can find free advice at , the or .
• Beware of an easy way out. Some companies may offer you loans, or sale and rent back schemes (where you sell the house and live there as a tenant). But there’s usually a catch - so always take advice before signing up.
• Keep an eye on the market. Sign up to property alerts like and to stay alert to rental prices. Londoners can also use , which helps you search for areas by commuting distance.
• Think before you move. Are you likely to get your deposit back? Can you afford , including any estate agent fees? Are your bills included? You may find it is cheaper or the same price to stay where you are.
• Negotiate with your landlord. .
• Find out if you could get financial help. if you are working and on a low income, or if you receive benefits. .