As a result of the Coronavirus pandemic, some households are already feeling or facing the immediate financial impact on their households personal circumstances. In this case affected homeowners will be looking at ways of managing their finances at this critical time and for some that will include looking at all their household outgoings including service charges.
On the 17th March 2020, the Government announced that Banks and Mortgage providers have been working together in order to provide an initial three month break from making mortgage repayments for those households who are able to evidence financial hardship as a result of the Coronavirus Pandemic in the UK.
For many of us, mortgages are the largest home related financial monthly outgoing followed by Council Tax bills and then car loans/leasing from FCA regulated financial institutions. Following these outgoings, household utility bills and TV based satellite/broadband sport based subscriptions services often rank as the next highest outgoings.
As a result, financially impacted homeowners are encouraged to make contact with these large financial, corporate, media and Local Government institutions at the earliest opportunity to seek payment breaks or to suspend sports subscriptions to ease the majority of their household financial burden.
Doing this promptly will have a significant impact on household finances and for many will ensure that they have enough money available for critical household expenses like food, prescriptions, cleaning materials and essential home expenditure like home insurance, pressing maintenance and repairs.