Remortgage or 2nd mortgage

R

raglan

Registered User
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Hi,

Halfway through our mortgage on family home. I just have a query about a house I have partially inherited. Just weighing up options really. If I wanted to buy other parties out but need funds to do so, how do people do this? By remortgaging 1st property to get adequate funds? We have a tracker mortgage on our home so don’t want to jeopardise this. I am clueless.
 
Mainstream banks don't do remortgages on the family home anymore. You might get it from a smaller lender but at a much bigger rate.

You might be able to get a mortgage on the new property to buy it out.

You should give the figures.
Value of new house
Your share of it
How much cash you have
Your total income
The balance on your existing mortgage.

Of course, it's another question entirely whether it's a good idea to buy the new house.
 
Hi, I would just like advice how you would get a small mortgage to buy out siblings of our inherited family home? It’s just a thought at this stage. My name is on mortgage of my own home with husband. If I was to buy out siblings based on last valuation for house only would need about €105,000. Then maybe could get vacant home grant and rent house out long term which I would then use to pay the mortgage. But finance is the issue to get started. I Looked at credit unions and a lot of them only lend for principal home.
 
A Money Makeover might make it easier to offer useful feedback...

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It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...
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Also, is being a (part time?) landlord really the most appropriate investment for your circumstances?
 
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