re-mortgages on a 2nd property - help please

jorvik

hi wise people, can anyone please help, any advice would be appreciated.

I have recently acquired from my mother, full ownership of her house valued at roughly 100k. The reasons for this are quite complicated but the short version is that she has to raise 40k to pay off various bills as a result of a rather messy divorce (ie:- legal aid bill, my fathers share of the house, poor performing endowment mortage due to end soon)

There will be a 17k shortfall on the mortgage when it ends and despite her best efforts she cannot get another mortgage due to the nature of her work and most probably her age (she is 52)

I, on the other hand have virtually no mortgage, good credit and a stable job with a household income of 35k.

so, my question is what type of mortgage should i pursue to get the 40k.

Can you remortgage a 2nd property?

Would it have to be a buy to let mortgage?

I have searched the internet and there seems to be very little advice in the way of remortgaging 2nd properties but im sure i cant be the only one to have ever been in this position.

Any advice would be gratefully received guys as this is purely to help my family out of a tight spot.

many thanks

(ps- i should mention that she does not want to leave the house and selling the property is not an option)

herbiesjp

Some lenders will allow you to have a second purchase on a residential, as long as your income is high enough to support both mortgage

I'd suggest speaking to a whole of market adviser, because as you have seen information on this can be a bit sketchy, and you would not want to apply to lenders who would not accept the application