trying to get on property ladder

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aunt sally

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hi,
i have a house which i inherited and renovated as it needed it and had to pay inheritance tax. The mortgage is 140k but the house is worth approx 500k (as it is in a tourist location). my boyfriend and i pay the mortgage on it but are also renting and dying to build a house but it doesnt seem possible at the present as we are struggling to pay rent and mortgage at the moment. we have savings of 10k and hope to rent out the property this year which should make 7-8k. any advice to get on the property ladder with out selling the house???
i dont understand what re mortgaging a property is or realizing equity or interest only mortgage, would any of these be possible for us
 
Welcome to Askaboutmoney.

Please don't duplicate posts/threads-you have posted the same query in the Property Investment forum.
 
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