Tackling your debts

Do you have little income left once you make your mortgage or rent payments?

Posted 28 January 2015

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New research has revealed that 1 in 8 Brits who pay rent or towards a mortgage spend 50% or more of their take-home earnings on monthly payments.


Making sure that you and your family have a secure home to live in is something that many of us see as a necessity. But what happens when your mortgage or rent payments take up a large portion of your salary and you are left with little remaining to last you until the end of the month?


New research* conducted on behalf of Debt Advisory Centre has found that 1 in 8 people who pay rent or towards a mortgage are spending 50% or more of their take home earnings on payments each month, meaning a lot of people are left in this situation.

Over stretching your income

When dealing with multiple bills it can be hard to know which one to pay off first, but your rent or mortgage payments should always remain your first priority. If you’ve got little money left in the pot afterwards, prioritising your other bills can prove difficult, as you also need to make sure that all your living costs, such as food and transport into work are covered. Other bills, such as credit cards or personal loan payments that aren’t secured to your property take second priority … you should always pay as much as you can towards these, but it’s important that you don’t go without everyday essentials to be able to last until the end of the month.

If your mortgage or rent payments are taking up a large portion of your income and you don’t feel it is sustainable, then it may be worth asking why this is? Are you temporarily out of work or earning less than you were previously? Or is this drop in income likely to be a permanent one? If so, then it may be worth looking into whether a cheaper form of accommodation could help you to reduce costs.


If you can only manage to pay a portion of your rent, then it may be worth talking to your landlord to make them aware of your situation. They may be reluctant to help you work out your payments, but it may be worth talking to them to see if there’s anything that they can do. If it is a mortgage that you’re struggling with, a lender is more likely to want to help you work through your situation. Depending on their terms and conditions, they may be able to help you come to an arrangement or provide you with a payment plan to help alleviate the pressure a little.

A helping hand

The risk of losing your home makes falling behind with your rent or mortgage payments very stressful and it’s a scary situation to be in, but it’s important to remember that there are people out there who can help.


One of our expert advisers will be able to listen to your circumstances and talk you through the different debt solutions available (fees are chargeable on some solutions) to you. The information that you receive from an adviser could be just what you need to help regain control of your finances and finally put your mind at rest.

*OnePoll questioned a nationally representative sample of 2,000 adults aged 18 and over between 21stth November and 28th November 2014, of whom 636 were in Scotland.

by Emily Bancroft

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