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How-to bridging loan sorts divorce

“How-to bridging loan sorts divorce situation” is a real story, the only, not “real part” here is the names. This couple was very happy for a while and one day due to very personal reason they decided to divorce each other. Sounds almost familiar – right?

Our couple had a house which they bought a few years ago. When they were buying a house they wanted to buy a quality home and the additional premium they had to pay for the house didn’t really bother them due to good income John had. John is an IT person and his income increases almost every year. Sarah, on the other hand, had to park her carrier due to the family.  After a short while between both of them almost unexpectedly, they have two beautiful kids.

How to: Divorce & Mortgage

Once upon a time, no, not like that… it was unexpected and Sarah was shocked by the sudden news John brought home one evening. That night when he came home from work he was “distant”. Once the kids went to beds he told Sarah that he wanted a divorce and confessed that he was seeing a lady from work who is significantly younger, more fun and apparently makes him get staff (whatever it means).

Their relationship wasn’t great lately and a divorce was not something Sarah wasn’t thinking before. Yet one thing when a thought like that crosses your mind and the other is actual reality. Sarah was very unhappy and after a few days of hot discussions, Sarah & John had to come up with the plan for how to sort their financial situation.

Sarah wanted to keep their house after all both kids go to the local school yet after talking to the bank both of them realised that they have to sell their home firs in order to move on with their lives.

Luckily, Sarah talked to me and I had explained that even both of them want to get out of their house there is no need to make a “quick sale”. Instead, John & Sarah can take a “bridging loan” against their existing house and purchase two separate properties for both of them, while yet selling their “nest” house.

Now, please allow me to explain why I think this post is important:

How-to bridging loan sorts divorce

This solution allows the couple to put the house on the market once both of them moved out. We all know it is a lot easier to sell a vacant property rather than a house where two young kids play every day.

My role was to help John & Sarah to sort their financial situation. We organised three home loans. Due to the fact that their bank was not happy to offer a bridging loan, we had to organise loans with a different “friendlier” bank.

How-to-Use Bridging Loans

Even the couple had three loans – two for new properties and the third for their existing old house. They only had to pay for two. Meaning the ex-family home loan payments were not needed for 12 months.

The mortgage solution

The solution helped both of them to purchase separate properties. Sarah decided that she wants to live closer to her parents.  John, on the other hand, bought himself a unit closer to his work.

Bridging loans works in the following way- the couple agreed that they are going to split the equity of their house equally and on the base of the existing equity the bank lend them money to buy new properties. Their ex-house needed a bit of “love” and once everything was ready they put the house on the market.

The house looked pristine – almost like it was when they bought just a few years ago. Due to “buyers “market the ex-couple was not in the rush to accept the first offer.

In fact, both of them were happily waiting for “their” buyer to come and buy their house.

New buyers were from Sydney. They literally wanted to move in the next day. The fact that the house was vacant allowed the buyers and the sellers to work out a very sweet deal. Both participants of the deal were very happy.

Once all the formalities were signed – Sarah & John ended up with some additional amount of money in the accounts due to the good price they managed to achieve.

Happy ever after…

Separation or Divorce

Divorce? Mortgage Problems?

Sarah is happily living on the next street to her parent and I have not seen John since. Yet our mortgage review is due in a few months.

It is highly possible that you are in the divorce situation or seriously thinking about it. You might find it beneficial to read “Divorce- 7 ways to sort the mortgage”   If you are in the situation and need some help – please do not hesitate – I am just a phone call away.

Even “How-to bridging loan sorts divorce situation took place in Brisbane- realistically it can happen in any town. If you find this situation very familiar to your own and or think you know about this couple, please don’t jump to conclusions. We all the same and we all very different…

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