Everyone is feeling the pinch in the toughest economic times, particularly when it comes to mortgages, which tend to be the biggest expenditure for families.

Sadly, there is an increasing trend of people losing their homes because their debt has simply become too much to manage. With the right planning, it is possible to stop things before they go too far. Tools such as the mortgage calculator at moneysupermarket can help people determine what their repayments will be.

There is no doubt that the general economic climate has a lot to do with people losing sources of income, either from employment or savings, thus making managing the bills, including a mortgage, more difficult.

Underlying debt problems also play their part as different types of credit begin to spiral out of control, leaving a seemingly hopeless situation.

The fear of these types of situation has seen a reluctance to try and get onto the property ladder for new homeowners and a slowdown in the market in general.

In the majority of cases, however, debts and bad credit can be sorted out and should not stop people from owning their own homes.

The most important step is to acknowledge that there is a problem and not hide from a debt situation. The situation can never improve by itself without facing up to it.

Writing down total debt is a good place to start, however terrifying this may seem, so that the full extent of a problem is known. Recurring expenses should also be noted so that monthly outgoings are not forgotten.

This exercise can also show up unnecessary expenditure and make it relatively easy to see where cutbacks can be made. Any expense saved can be used to reduce debts.

Talking to creditors is also very important, including banks and building societies that provide your mortgage. It is not in a mortgage lender’s interest to see foreclosures and families losing their homes; often they will be able and willing to provide assistance.

For potential new borrowers, there are now a number of schemes designed to save money and make investing in property easier, which can be a real advantage to families or friends who cannot find a suitable deposit on their own.

Many lenders will offer help with arrangement fees and survey fees, especially if a potential new homeowner is able to offer a significant deposit.

With rents increasing, they can cost as much, if not more, than a mortgage and so not offer any long term saving or security financially to the tenant.

There are now schemes such as shared ownership that are designed to assist a group of people to purchase a property together and even part ownership, where the homeowner buys a portion of the property only.

Proper forward planning is the best friend of anyone potentially looking to invest in property and tools such as mortgage calculators ensure that someone knows exactly what they are letting themselves in for financially.

Although times are tough, it is still possible to buy your own home and get onto the property ladder without ending up in financial problems.