Catherine Mapusua, head of lending at WLTH, said people should do a rigorous review of their income, expenses, debt, savings and investments.

“Ask yourself: ‘Are there any changes I could make to reduce my expenses?’” Mapusua said.

For people really concerned about their financial situation, she said it was important to contact your lender as soon as possible.

“They’ll be able to help you find a solution that is right for your personal situation,” she said.

This could mean temporarily pausing or reducing payments, or extending the terms of your home loan in order to minimise your monthly repayments.

Mapusua said people in dire financial circumstances should consider selling their property.

“While this is a tough decision to make, it’s better to sell your home yourself than have a lender take possession and sell it,” she said.

Full Article: Yahoo! Finance