Advice please...

1965cap

Long time lurker, first time poster... be gentle with me...

Long story - suffice to say my first wife left me with about £35k of debt which I've now got down to about £10k. Last year my father passed away leaving a house currently on the market for £74,950, it's been on the market since May with no offers etc. The house is already in my and my sister's names having been signed over to us 10 years ago.

Would it be feasible/practical/legal for me to take out a small(ish) mortgage of about £17500 on this property, pending the sale, to finally pay off my debts and give me a bit of capital to play with, whilst giving me a bit extra month at the end of the money? I currently spent approx £300/month servicing my existing debt. I have a mortgage of about £75k on the property in which I'm living with my current wife and family, valued at approx £145k. Don't really want to extend this mortgage as in the long run I'll just be paying more.

Are my plans feasible or will I just have to wait till the house finally sells?

kingstreet

If you jointly own the property with your sister, you would have to apply for a joint mortgage with her too.

Feasible?

1965cap

Thanks... looks like me waiting till it sells then...

furndire

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1965cap

Dogaids wrote: »

Just a suggestion.
Speak to your sister and see if she agrees, then approach a few banks. You may get a buy to let mortgage - avoid bridging as you have not found a buyer and probably will find yourself in an even worse position.

I don't think speaking to my sister is an option as she already has two mortgages... may go down the route of adding some onto my current property then paying off a chunk when my father's sells.

Thanks.