Given the current environment, interest rates have been decreased to levels (PRIME at 2.45%) that will hopefully ensure both the economy remains somewhat intact and will assist those homeowners who have variable rate mortgages reduce costs.
For those who have lost employment or income, there is the option to defer payments. This is done on an individual basis and will need to be discussed with the lender and also consideration should be given to any potential deferral credit issues.
At the end of the day, the most important aspect given the current health crisis is to take care of your family and yourself.
Help others where possible and if you are a parent, as I am, ensure that your children are fairing as best they can both physically and mentally as this time will have an effect on them. Children are resilient, however, they also need to understand the situation and have outlets in order to help alleviate stress. Getting the kids outside, even if it is just in the yard, is a great way to ensure they are able to be active and have an increase in serotonin levels which will aid in helping to reduce depressive symptoms.
Stay safe and take care of both your physical and mental health.
Arran
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