Like most people, Angela went to her existing lender to ask for advice and guidance, assuming this was the next step. Like so many that we hear of, the information provided to her was not only misleading, it was out and out wrong! "You just need to take one name off the mortgage contract."
Actually, if one person is to exit a loan contract, then a completely new contract must be created.
This kind of gross error in the provision of essential information - by a supposed in-house expert - only made a stressful time for Angela more difficult.
Luckily Angela was then referred by her solicitor to Wilson Financial. We picked up the phone to her hopeful voice; "Apparently you're the person to talk to in this town if you want to know what you can borrow".
We assessed her finances and request holistically. In order to afford the payout she would first need to consolidate some debt, which we guided her through. Then, to figure out exactly how much she could borrow, we ordered a valuation for the house. This saved the separating couple over $600 in costs in ordering a licenced valuation, as it was paid for by the bank thanks to Wilson Financial's special arrangement with our many lenders.
We provided an exact figure for how much Angela could borrow thanks to the consolidation of her debt, and a clear figure for the amount she would owe by taking on the new mortgage contract.
As a result we could accurately quote her new outgoing commitments. After debt consolidation and a reduction in all her debts rates, the repayment was not going to increase! "That’s so good, to know I can afford this already” Angela expressed with incredible relief upon being told.
We went on to guide her through consolidation of her new loan and payout of her ex-partner with sensitivity and minimal fuss, during what was clearly an emotionally trying time for both of them.
Angela walked away incredibly grateful, as she was finally able to move on. She now had her own home she could fall back on, a rock of security after such a difficult time.