Can I get a second mortgage

dipsy007

Hi
I have a mortgage jointly with my daughter (for her benefit and her husbands). I do not live there and do not intend to profit from this property.
I jointly own my own property outright with my sister but am thinking of remortgaging my owned property to clear some debts.
Can I do this? Any help would be appreciated

Comyface

Yes you can. Your new mortgage on your own home would have to be in the joint names of you and your sister and it would be up to the lender how much they would lend you.
They would probably deduct the full monthly payment of your daughter's mortgage from your income before working that out, though, so it depends how much income you have (as you are jointly and severally liable with your daughter for this debt).