Borrowing help

Nugget247

Hello everyone I'm new here and hoping for some advice.
Ok so here are the facts I've had my nationwide mortgage for 15 years with 10 remaining. I owe 15k with a property worth 135k. I need to borrow an extra 10k to buy wife soon to be ex wife out.
I have 6k and my parents are gifting me 20k with no charge on the property.
I'm a self employed taxi driver with low accounts. As we both worked our outgoings were low so didn't earn as much as I could. I've never defaulted with a good credit history however banks don't want to lend to me because of my accounts.
Is there any advice or hope or is it just a case of selling up. If that's the case the house will be divided equally so no chance of buying again.
Any help would be of great help, thanks in advance,
Nugget247.

Wh05apk

What are your earnings and age?


You may be able to remortgage to another lender to raise the funds, provided you don't have excessive commitments then provided your income is about £12-15k you should be ok.

Nugget247

Hi, thanks for the reply. I'm 39 but my books say around 9k. I was working more or less part time but then we had the exs income as well. According to Nationwide I have 15k in an over payment pot.

Thrugelmir

Are your original figures correct?

As your savings and the gifted amount from your parents will be sufficient to buy your ex out.

Nugget247

I have 6k, my parents are gifting me 20k my ex wants 36k so I'm 10 short. When I first started taxi driving I earned well so overpaid the mortgage. The work slowed down so I did less and my ex the got a part time job in a hospital which she wanted even was talking about me being a stay at home dad and her going full time.

ethank

To do a transfer of equity I think you would need to prove you could afford the extra loan plus the amount outstanding.