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As the saying goes, “All’s fair in love and war.”

Whilst, I think its fine for the poets and playwrights to make this bold statement, how does this idea translate in the real world when your marriage or relationship breaks down and suddenly ends? Because we all know that what’s fair for one person, may not be so for another. And even though every relationship does not necessarily end badly, it can get tricky when you discover that the person who was once the love of your life has just turned into the one of your greatest learning experiences.

Usually, at this point in the story the question on most clients’ minds is, “What happens when I’m still connected to my ex through our joint ownership of a property and the shared mortgage we have with the bank?”

Believe me when I say, this is a common question and one which we regularly get asked as Mortgage Coaches. Admittedly, it can be a challenging situation for some when you have to deal with the loss of your relationship and sort out your joint finances at the same time. However it doesn’t have to be this way and with the help of an experienced Mortgage Coach a solution which works for both parties can be found without too much stress and difficulty.

This was definitely the case for a couple of our clients recently when their nine year marriage broke down leaving them with a large mortgage on the family home and neither party able to fund the loan repayments on their own. In this instance, Kirsten and Mick, (not their real names) had ended their relationship amicably but with a loan of over $700,000 left owing on their large and well located home, neither was able to buy the other party’s share of the property.

Therefore it was decided that they would put the home on the market, pay out the loan and share the remaining funds once the sale was complete. In the meantime, however, they still had to come to an agreement on how they would manage their mortgage, new living arrangements and care of their young son. With the help of their Mortgage Coach they were able to shift their loan to an interest only repayment plan whilst they handled the sale of their property. This enabled Kirsten to find a short term rental property whilst Mick stayed in the family home and managed the lower repayments. Luckily, due to their flexible working arrangements, they were able to co parent their young son and share the childcare responsibilities.

Ultimately, their home sold for a good price. They were therefore able to pay out the mortgage, reach an agreement on the remaining funds and each move forward with their lives with as little stress and disruption as possible for themselves and their son. Now their Mortgage Coach is assisting Mick with a new loan on his next property and Kirsten is renting whilst she considers her options. This was a great result all-round.

So if you find yourself at the end of a relationship but still share a mortgage with your ex, a workable solution could be possible. For an obligation free discussion with one of our experienced Mortgage Coaches, feel free to contact us on 08 6279 1459. We’re here to help.

Until next time champions, remember to play fair.

Regards, Harry

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