First Choice Finance - Mortgage Broker First Choice Finance Compare Home Owner Loans
First Choice Finance - Mortgage BrokerCompare Home Owner Loans

Debt Problems An Issue For Those On Flexible Incomes

Debt Problems An Issue For Those On Flexible Incomes

Wondering How Brexit Will Affect The Mortgage Market?
Keep Up To Date With The Latest Mortgage News
No Obligation Mortgage Help From First Choice Finance


Video transcript

A growing number of people across the UK are facing debt problems as a result of uncertain incomes.

This is the conclusion of new research from the Debt Advisory Centre.

Across the UK, the growing number of people whose income varies from month to month means many can struggle to pay essential bills and other outgoings.

This means that, in many cases, paying down debts is becoming increasingly difficult for this group.

Overall, 11 million Brits have jobs that provide a variable monthly income, with the DAC`s research showing how more than four in ten of this group struggle to pay essential bills, like rent, utilities and council tax.

Meanwhile, just as many are in a position where they are regularly unable to make payments on either credit cards or other outstanding loans.

The study showed that London, Yorkshire, Scotland and the East Midlands are the areas of the UK currently facing the highest percentage of people on variable incomes.

In contrast, Northern Ireland recorded the lowest levels of this group.

Debt expert Melanie Taylor explained that the rise in the flexible workforce can be a positive for both employers and the economy, but it does mean some people are left not knowing how much they will be taking home each month.

With a growing number of people that are either self-employed or on zero-hours contracts, it means budgeting is essential if this group wishes to stave off financial hardship.

She said: `Ideally, people need to put money aside as savings in the good months to tide them over during the leaner times, but this isn`t always possible.`

Ms Taylor added that there are also cases where people are turning to short-term loans to make up any shortfall in their monthly income.

However, this behaviour is often only a short-term fix and simply puts off the problem until a later date.

Debt consolidation could be one avenue that people facing uncertain financial times could turn to; although they should only do so after seeking the advice of a qualified finance professional and studying all the numbers involved. They key is to make sure you can afford any loans or other debts you take on even at the lowest level of incomes you expect to experience.

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).

Unsecured Personal Loans
First Choice are tied to certain unsecured lenders.

Security is required on immovable property.

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014-2018.

  Best Deals & Latest News

Small Mortgage Lending From £10,000

Release Equity Via A Remortgage or Loan

Mortgage & Remortgage LTV Calculator

Reasons Why Mortgages May Be Rejected

Poor Credit Mortgage Options

Online Home Loans
Secured Loans and Remortgage Advice
Loan or Mortgage Application

Loan Plans

Mortgage and remortgages - Best Buys

Adverse Credit Mortgage Rates

Find adverse credit mortgages from First Choice Finance if you have had difficulty finding a mortgage or remortgage in the past an First Choice Finance mortgage adviser will search for the best adverse mortgage adviser.

Cheap secured loans