Having problems managing the cash flow now that interest rates are high?
Hey guys,
This is just a quick blog to encourage you to contact us if you are starting to sleep a bit uneasy about your mortgage commitments. There are many ways to change the structure of your portfolio and its better to talk it through with someone before you start having trouble sleeping.
You would be surprised how many ways that we can help out. From the simplest of cash flow strategies to more complex portfolio building principles I have yet to find a client that we haven't been able to help out.
It always starts with a question, something like, 'How do I get money out to buy more property?', 'How can I lower my repayments?' 'My 2 year cashflow is coming to the end, how do I top it up?' or perhaps 'How can I get some money to increase my lifestyle?'. Whatever your situation we can very quickly provide some clear direction to you.
Whatever you want to achieve, the three most important things to consider are:
Do something early...
If you're starting to feel the pinch or you just think that a change is necessary. Don't leave it until it is too late to give you other options. If you are short on cash then do something before you default on a payment. I always leave 3-6 months breathing space. This gives me enough time to remortgage, sell or at least do something before it's too late. The sooner the better, always!
Get your story straight before you speak to anyone...
The biggest mistake that most people make is rushing in to solve the problem without first making a few research calls about the products that are available and the criteria for moving into them. Most importantly before you call your lender, another lender or your mortgage broker get all the information to hand. Valuations, mortgage remaining, rents, current interest rate, redemption periods and anything else that may be of value.
Always try your current lender first.
I always go back to my current lender before going elsewhere. Normally they will do me some deal and if they don't and the numbers stack up elsewhere then I am happy to move.
Anyway the whole point of this blog is this...
If you're stressing, worrying or just want some certainty then give us a call and we can help you get the certainty back into your portfolio. We're always a phone call or email away.
Live with passion,
Brett Wood