Circumstances are that I own my mum's property outright along with my brother - 50/50 share, no mortgage on this property. (She is deceased btw). The house is currently on the market but there has been no interest at all.
I currently have an interest only mortgage on my house, jointly with my husband. We are in the process of separating so are looking at all the options available. There is also a secured loan on our property.
My question is - can i use the equity that I have in my mum's property to use that to remortage in the 'family' home with just me? With the market being very slow where I live, it might be an option to rent mum's property for a few years to ride through the recession. I therefore would have rental income to cover the remortagae on my property but I'm confident I could afford it without this income.
Grateful for views on whether I can use equity on another property to remortage on another.
I currently have an interest only mortgage on my house, jointly with my husband. We are in the process of separating so are looking at all the options available. There is also a secured loan on our property.
My question is - can i use the equity that I have in my mum's property to use that to remortage in the 'family' home with just me? With the market being very slow where I live, it might be an option to rent mum's property for a few years to ride through the recession. I therefore would have rental income to cover the remortagae on my property but I'm confident I could afford it without this income.
Grateful for views on whether I can use equity on another property to remortage on another.