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Taking care of your money and your mental health

According to a recent survey of 10,000 employees by Salaryfinance.com, 40% of UK employees have money worries. This results in them being over eight times more likely to have sleepless nights, and over seven times more likely not to finish their daily tasks at work. These money worries can impact relationships with colleagues and lead to an increased likelihood of experiencing depression and panic attacks.

Let’s talk mortgages…

A mortgage is likely to be your biggest monthly outgoing and overall financial commitment. With 1 in 7 people unable to pay their mortgage if it was just £99 more per month, having the right mortgage and protection in place is essential.

Our mortgage advisers are fully qualified to carry out affordability tests to make sure you can afford to make your repayments over the course of the mortgage term. Once we’ve found you a mortgage that’s right for your circumstances, we can discuss your needs and advise on which protection policy we think is right for you too, whether that’s income protection, critical illness cover, buildings and contents insurance etc.

Even if you’ve already taken out your mortgage and you’re worried there’s a chance you might not be able to afford your mortgage repayments, you can get in touch with your lender. They’ll be able to come to a new arrangement for you. For example, you might decide to extend the term of your mortgage in order to reduce your monthly repayments, or you might decide to take a mortgage holiday in the short-term, and pause the payments.

Seeking help

There are various different reasons why you might be struggling with your finances right now. For instance, you might have lost your job, have a spending habit, or perhaps you’re ill and can’t work. Whatever the reason, having money worries can be a cause of constant anxiety, so it’s important to reach out and get help from professionals, like Citizens Advice Bureau Debt Management and Debt Support Trust.

Being mindful

With a greater emphasis now more than ever before on the importance of looking after your mental health, there are plenty of things you can do to try and help calm your mind when it’s all getting a bit too much.

Mindfulness apps are a great place to start and there are plenty of free ones to choose from. Even if you take ten minutes out of your day to plug your headphones in and zone out for a bit, you might just find this helps keep your head clear.

There are other things you can do to try and recoup a bit of “me time” in your day. Lunchtime walks, yoga, reading, running a hot bath and lighting a candle are all great ways to unwind and recharge your batteries.

World Mental Health Day

World Mental Health Day is on 10th October, but here at Mortgage Advice Bureau, we’re making a week out of it to promote mental health awareness, and raise money for a great cause. To promote the importance of good mental health in the workplace, we’ll be running a range of different activities throughout the course of the week, including lunchtime dog walks, massages, mindfulness sessions and much more.

To show your support, you can donate via our Just Giving page here, www.justgiving.com/fundraising/MABMentalHealthWeek or you can Text Thrive to 70300 to give £3 mentalhealth.org.uk/terms

Because we play by the book we want to tell you that…

Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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