Using a mortgage to get money back of the house?

cratoria54

Good morning all,
Have been reading through the threads on the forum for a while now and have as of yet been unable to find advice that may assist in my specific query
... hoping that someone could please help!?
I will try and keep this background part short as I can ...
Four years ago I bought my first house with the assitance of my parents (for the deposit [75% LTV])
Originally it was agreed that the house would be sold to enable me to give this money back however the way life is my circumstances have since changed ...
I recently got married to my long term girlfriend which the solicitor always said would be OK unless a child became involved
We would like to start a family and put my new wife on the mortgage however I obviously have my concerns around ensuring I do not put my parents money at risk
It is my assumption that the best way to do this is to re-mortgage as when I initially took my mortgage it was fixed for 2 years so I am now on a variable rate
However is anyone aware if I would be able to get any money over and beyond what I have so far paid of the capital or is there an alternative of getting the money out of the house?
Any help or assistance is as always appreciated
Many Thanks

kingstreet

As long as the increased borrowing is for a legitimate purpose, you can remortgage into joint names completing a transfer of equity at the same time.

If you wish to hold the property in unequal shares, with more money going one way in the event of a split, you need to hold the property as tenants in common rather than joint tenants and have the solicitor draw up a deed of trust for you which lays out who gets what and in what circumstances.