Mortgage or home owner loan or re-mortgage???

tryinghardtochange

My husband and I have our won home and our own mortgage which is quite large with very little equity in our property in the current housing market. We are also joint owners of my mothers house which is owned out right with no mortgage. We curenttly owe quite a lot on credit cards and my mothers owes some aswell, what we would like to know id can we get a mortgage/loan/ to release the money in the property to clear the debt. I know this isnt the best way to go about it and we will end up paying more, howecer in about 3 years time when our fixed rate ends we are going to be buying a property all together anyeway so its not for that long. Can anyone tell me if it is possible to have 2 mortgages. the credit repayments are crippling us now but having looked at some figures we could drastically reduce our monthly outgoings and help my mother out too. She doesnt earn a huge amount of money so she cannot get anything on her own and we are happy to pay the full amount that is owed as we earn sufficient money.

If anyone can offer any advice I would be very grateful I am getting quite desperate now and not sure who could help me

Many thanks

Let_Us_See

It is possible to have two residential mortgages. Ultimately, it all comes down to affordability and since you have not provided any figures, no one can assist. If you need help can you confirm:

• Value of both properties
• Existing mortgage
• All salaries (gross income will do)
• All credit card balances

dimbo61

Your mother will need to sell her property and move into over 55,s flats( rented!)
This will give her money to clear her debts and you to clear yours.
In 3 years time you could then buy a bigger place together!
You all need to look at your spending to stop this happening again!

tryinghardtochange

Let Us See my only question really was can you have two mortgages which you have answered, thank you

dimbo - my mother isnt over 55 and nor does she want to sell her home at this point and I do not need to be told to stop spending thank you very much I was asking for practical advice not someoone pointing out the obvious! Your comments are unhelpful