SUR­VIV­ING A CRASH

The Daily Telegraph - Property - - Cover Story -

Do:

Try to pay off as much of the cap­i­tal of your mort­gage as pos­si­ble.

Take out a mort­gage pay­ment pro­tec­tion plan if you are wor­ried that you could lose your job and not be able to keep up pay­ments.

Try to pay off as much of your credit-card debt and over­draft as pos­si­ble – th­ese debts have much higher rates than mort­gages.

Don’t:

Ex­tend your mort­gage as much as is pos­si­ble – this will leave you at greater risk of get­ting into neg­a­tive eq­uity.

Move house un­less you’re ab­so­lutely sure you need to, or have got a good deal.

Get an in­ter­est-only mort­gage with­out or­gan­is­ing some kind of pay­ment plan to pay off the cap­i­tal.

If you find your­self in debt trou­ble, con­tact: The Con­sumer Credit Coun­selling Ser­vice (0800 138 1111; www.cccs.co.uk); the Na­tional Debtline (0808 808 4000; www.na­tion­aldebtline. co.uk); Cit­i­zen’s Ad­vice Bureau (www.cit­i­zen­sad­vice.org.uk).

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