Remortage to buy second home

Dman87

In need of a bit of advise / point in the right direction...

I currently own a home with my mother which over the years has risen a considerable amount in value, so now have a healthy amount of equity.

I now have a young family myself and now looking at buying a home with my partner.

What is the best way to release equity to buy another house i.e. remortgage...

Will I be able to purchase a second home to live in(Will be my main home) and stay on the mortgage with my mother on the first house(What criteria will be looked at i.e. affordability calculations ?

Have not been to an adviser or broker as yet, just wanting to gain some knowledge on my options at the moment.

Thanks

ethank

Lots of questions here. It is possible, but there are lots of things that are important, how much you earn, your credit status, etc Really the best thing would be to speak to a broker.

Pixie5740

If you want to release equity from the current property then I think you will have to remortgage with your mother which will obviously mean higher mortgage repayments for that property. Will your mother pay that mortgage on her own when you move out or will you continue to contribute as well?

Having a joint mortgage with your mother means that you have joint and several liability for the whole mortgage so you would need to be able to demonstrate that you can comfortable afford to pay both mortgages.