At LoanPlanners SA this is something we see quite a lot of and we’ve helped a lot of couples over the years who’ve found themselves in this particular situation.
Obviously, each case is different, with circumstances that are unique to each situation, but over the twenty plus years that I’ve been in the finance industry, I have noticed one tendency and while it’s not universal, it’s still true in the vast majority of cases.
That trend is moving forward without solid information.
People tend to make assumptions about what they can and can’t do with mortgages. They believe they can take over from their partner when they can’t, and some believe there’s no point in trying because they feel they haven’t a chance, when they do.
“I’ve done one of those mortgage calculators on the computer” they’ll say, “so I know I can get this loan”. Or the opposite, “I only have a casual job, so there’s no way I can buy him out.”
Please don’t make these kinds of decisions about mortgage eligibility without a Mortgage Brokers advice………….NOT a bank, a Mortgage Broker.
The reason is obvious, the lending manager at a bank only has one set of guidelines in his pocket, and your situation may not fit them. A Mortgage Broker has lots of them, sometimes up to thirty, and there are plenty of occasions when one lender will do a deal that another one wouldn’t even consider.
And that’s without consideration of the fact that if you are a good fit, and you’re eligible for any lender you should still consult a Mortgage Broker, as they will be far more likely to find you a deal that’s better value for you.
Please take our advice on this, and if you or anyone you care about finds themselves in this sort of predicament, give them the tip to speak to a professional Mortgage Broker.
None of them should charge for this sort of help, and it can make all the financial difference in the world for YOUR future.
Credit Representative 432231 is authorised under Australian Credit Licence 389328.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.