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Considering the wider financial picture

As more and more people in the UK come to terms with the downturn in UK property prices we have seen a massive increase in the number of mortgage holders who have slipped into negative equity. This is a frightening situation whereby the outstanding mortgage of a customer exceeds the value of their home and ultimately means they either take a big loss on their property and pay back the excess loan in the future, or try to rescue the situation by increasing their mortgage payments.

It is easy, when you are gripped by a problem with your mortgage, to look at your mortgage arrangements in isolation when ultimately you should be looking at your overall financial picture, where savings can be made and where returns can be increased. While there is no magic wand which will drastically improve your prospects overnight there is no doubt that ongoing savings in the future can and do have a positive impact not only on your finances but on your state of mind.

Chipping away at your debts, increasing your mortgage payments where possible and ultimately putting your finances on a firmer footing is vital for not only your financial health but your physical health. It is well known that long-term financial issues can and have caused significant mental trauma and physical problems for many people in the UK. Reducing these issues where possible is essential and could ultimately lead to you being unshackled from a potentially damaging downward spiral.

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