Need money to move house

dharm11

Hi,

Im a newbi to mortgages and loans so plzz go easy on me!!

I currently live with my parents and we need to relocate as my farther is now disabled. He owns our home which is worth £120,000 and we have found a new property that is £165,000.

Our income is roughly £17,000 per year that is made up from my part time job, mums carers allowance and dads benefit.

I was thinking of remortgaging our current property to gain £80k and borrowing the rest(£90k) from family members. And once we have moved, then sell our current property to pay off the whole mortgage and some money we owe family members.
My other option was to sell then buy but this would take much longer and might result in loosing our new property.

If remortgaging our current property is an option, then what type of mortgage should I be looking for? Maybe one with less early repayment fees?

If anyone has any other suggestions I would be grateful to hear them

Thanks

Dan