Times have certainly changed.

Over the past number of years personal debt levels had risen quite dramatically. It had never been easier to borrow short term debt with many high street lenders offering loan facilities for numerous lifestyle reasons from holidays to second cars or whatever. Many of us were attracted by these easy offers and have run up a degree of unnecessary debt.

A golden rule must be to keep personal debt to a minimum.

Whilst remortgaging is a substantial part of the mortgage market, we expect a number of lenders will amend their lending criteria away from debt consolidation or, indeed they may charge a higher price for such facilities.

Therefore, whilst remortgaging is a highly popular product, it should not be used to effectively finance a lifestyle beyond one's means.

If one is contemplating remortgaging, it is possible that some currently attractive offers from lenders may not be around for too much longer.

Some lenders dramatically reduced there loan to value figures for remortgages with some down to as low as 50%.

Some thoughts for a slowing economy are set out below:

Prepare a personal/household budget, budget calculator. See where you can make savings and if you wish you can start straight away by logging onto our budget calculator.

2. If you are on 'an expensive mortgage' switch and start saving.

3. Avoid taking on personal loans unless absolutely necessary.

4. I think we are all going to have to work harder and smarter. One of the legacies of the boom years was the degree of inefficiency in many areas of business.

All employers are looking closely at costs and whether we like it or not they will make decisions based on the merits of one employee over another.

5. Get fitter!

6. If you can manage to save, consider investing small amounts in shares that have obvious potential in a more buoyant economy.

7. Look seriously at up-skilling. This is a time where the more strings to your bow the better!

8. If you are a mortgage holder and are concerned about the prospect of redundancy have a look at our Redundancy Protection Plan.

If we can be of any help please feel free to call and talk to one of our consultants!