I didn’t know you can re-fix a mortgage: when my rate doubled I sold my house!

Belfast-born actress and comedian JULIET COWAN knows all about the ups and downs of debt. She starred in BBC movie Killed For My Debt, which is based on a true story. She also panicked when a fixed mortgage deal ended and sold her home – her worst decision yet – when her payments doubled overnight. She now rents a threebedroom house with her two daughters, aged 22 and 15, two cats and a dog. At least paying the rent is no problem. The past year was the best financial period of her life mainly thanks to roles in a trio of BBC shows – Back To Life, Everything I Know About Love and Irish comedian Dylan Moran’s recent comedy series Stuck.

What did your parents teach you about money?

That it is possible to live a full life and have children without knowing where your next year’s income will come from. My dad found shipwrecks for a living, which is not a steady job. My mum used to do all the research for him, so she didn’t have a regular job either. Their work was really fun, but their income went up and down. They relied on finding and selling items found on the wrecks – they were allowed to keep a proportion of the proceeds. As an actor, my income fluctuates and, like my parents, I have experienced periods of feast and famine. But my parents taught me that you can make your own life up and that has helped me to deal with it.

Ever struggled to make ends meet?

Yes. About 10 years ago my mortgage payments doubled overnight because my fixed-rate deal came to an end. I didn’t realise that all you had to do was phone up the mortgage company and say, ‘Can I go on to another agreement?’ and then the payments would drop back again. So I struggled for about six months, borrowing money, really freaking out. It was awful. I was so scared. For months, I had sleepless nights and anxious days. Then somebody told me I should call up my lender and ask for a new mortgage. By that time, I had paid around £6,000 in extra interest payments. My lender probably sent me a message about remortgaging that I didn’t open. I think I’m very bad at managing my day-to-day finances.

Ever been paid silly money?

Yes. In my line of work, you might spend months earning nothing and then do a voice-over for an advert, which takes an hour and pays a few thousand pounds. It feels like wandering through a desert and seeing an oasis. I once got a lucrative year-long contract to do adverts for Boots and was paid enough for our whole family to live on for a year. Getting that contract was such a relief.

Best year of your financial life?

The last year. As well as my new stand-up comedy show about the similarities and differences between middle-aged women and teenage girls, I’ve been working on a lot of exciting TV programmes, including two BBC comedy shows, Am I Being Unreasonable? and Stuck, and a new drama for Amazon Prime called The Power. I’d rather not say how much I’ve earned, but it’s enough so I haven’t had to worry about money over the year.

Most expensive thing you bought for fun?

A beautiful, double-breasted Vivienne Westwood black wool coat for £1,000, eight years ago. I wanted a coat I could have forever and that, when I died, people would smell to be reminded of me.

Biggest money mistake?

Selling my house nine years ago. I became so panicked by my mortgage payments doubling overnight that I decided to sell up and downsize.

And then I was so admin-phobic that I just couldn’t cope with getting a mortgage for somewhere else. I am now renting a three-bedroom house, which I think is a terrible move on my part.

Your best money decision?

Having my three children. It has inspired me to work really hard and be ambitious.

Do you own any property?

I’ve got a coat. Otherwise, no. But I’m working out how much I can borrow on a mortgage and getting a deposit together.

What is the one little luxury you treat yourself to?

Perfume. I wear Molecules, which is a perfume that smells differently on everybody who wears it. I like the thought of people smelling it and thinking of me. A bottle costs £72 and lasts me for over a year.

What is your No.1 financial priority? Getting the money together to buy a house. That is what I’m working towards and I feel very excited about the future.