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Newly constituted family refinancing home loan

Nico and Anna form a newly assembled family. They experience that money worries can cause enormous relational problems. Their first request for refinancing of their home loan is refused.

Yet they also deserve a second chance to lower their financial burden and to carry out a refinancing of their mortgage credit and some other loans.

Nico buys out his ex-partner and becomes the sole owner

Nico buys out his ex-partner and becomes the sole owner

A few years ago, Nico and his first wife decided to separate. The separation and distribution of goods has a lot to do with it and it is not going smoothly.

Nico wants to continue to live in the home and is responsible for the payment of the current home loan. In the meantime, the couple continue to negotiate within the framework of a divorce agreement.

It states that Nico is going to buy out his ex-partner and, if necessary, must take out an installment loan to finance the buy-out sum.

Installment loan for buyout ex-partner

Installment loan for buyout ex-partner

Meanwhile, Nico gets to know Anna and together they form a newly assembled family. Nico still has to find a solution for financing the buy-out sum.

You can do this via a mortgage loan, but his then banker does not want to provide this to him. Eventually he finds a solution through an installment loan. For this he pays twice as much per month as what he pays for his home loan.

Nico has only taken out this installment loan because he is the sole owner.

New loan brings money worries for a newly formed family

This new installment loan is a serious bob in the monthly repayments. Gradually, the newly-assembled family receives money worries around their regular repayment.

The tension can even be cut so hard that Anna decides to (temporarily) leave Nico and move in with a friend.

First question for refinancing existing home loan

First question for refinancing existing home loan

Just at that moment, Nico is requesting a realignment of the mortgage loan and the installment loan.

We refuse this request for refinancing. Both borrowers are (temporarily) domiciled at a different address.

The income of Nico alone is not sufficient to repay the new home loan alone. Even though the monthly burden is going to fall drastically, we refuse to refinance. The situation is too fragile.

Newly constituted family gets second chance for refinancing

Newly constituted family gets second chance for refinancing

About a year later, the same demand for rescheduling the home loan and the current loans returns.

Only the situation has now changed.

  • The couple has come back together and is doing everything to avoid financial problems
  • The current mortgage credit and the other loans are still being repaid correctly.
  • Anna still combines two jobs to maintain the family income.

These elements certainly played a role in the global assessment of credit demand. We have therefore given this newly-assembled family a second chance to optimize their financial situation and not to worry about their money worries anymore.

Do you also form a newly constituted family and do you have a question about home loan for us? Complete this form and tell more about your situation. If you wish, we can put you in touch with a mortgage broker from your region.

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