Mortgage help

wingnugs247

Hi and thanks for reading. Here's my situation. I have an £11000 mortgage on a home worth £130000. My wife and I have divorced and rightly she wants her share. She has asked for £36k with a £14000 charge as we share the children. I am a self employed taxi driver and cut my hours so she could work. This has led to my earnings to drop to £10500 profit last tax year. Everyone I have spoken to has said 'no thanks'. I was thinking of a possible buy to let mortgage but I don't know. I don't want to loose my home but I think it's going that way. I just thought I'd try here to see if I am missing/overlooking something. Any help would be greatly appreciated. Thank you for your time.

ACG

Is she prepared to wait until you get 1 years worth of accounts showing a full time wage?

kingstreet

A BTL product can't be used if you intend to reside in the property.

At that level of profit, you will struggle to meet any lender's affordability requirements if you have dependents, credit commitments etc.

One lender would offer £36,400 over 25 years if you had no dependents, no credit, childcare, maintenance etc. Try different lenders' affordability calculators for yourself.

wingnugs247

I don't think she'll wait tbh. Although the property would still need to sell. My hours and takings have increased.
I had one advisor that mentioned a BTL and it has stuck in my mind. We have caravan parks here that have 12 month season so thought maybe stay there for a few years. Anyone think this could be practical? I can't bare the thought of using my equity as rent after almost paying off my mortgage.