Raising £85K for a divorce settlement

enthusiasticsaver

nexsuperne wrote: »

My income changed this year, as the company is now busier than it has ever been. I can easily show this as wages and pay the income tax (instead of corporation tax) on that. The problem is that most lenders want the SA302 from the last 2 years, and my current increased income won't be taken into account.
I have a friend that is renting her own place. Would another option be to get that friend to move in and buy X% of the property for £85K? They would be financially better off for not paying rent at an extortionate rate, and I would get to keep the home.

No end of pitfalls with this. First how can you guarantee this much higher income will continue? Even if your friend could raise £85k which is unlikely as most lenders would run a mile purchasing a share of a property which is already mortgaged how do you intend to deal with the inevitable problems of what happens if your friend wants to move? If she had £85k cash and was willing to part with it to buy out your ex then you still need to let your lender know and she presumably would want her name on the deeds and there is no guarantee your lender would allow this. The simplest thing is to sell, each take your share of equity and downsize.

DCFC79

Do you really want to involve a friend in your plan ?

Mixing friends and financial matters rarely go well.

Simon11

Can you pay your ex in installments?

Make a first payment of £30-40k to enable them to complete the loft conversion and then make regular payments after then?

It reduces the amount of debt you will incur, with less interest to pay and you could get a tenant living in a spare room to increase your income?