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Expert Lu
Expert Lu, Business Consultant
Category: Finance
Satisfied Customers: 221
Experience:  ACCA Diploma
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We currently have a family loan in order for the last five

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Hello, we currently have a family loan in order for the last five years to purchase our property. This is provided by my mother in law and she has done a contract as a mortgage provider all legally and registered the charge on the land registry. It is due for renewal for a further 10 years. We was wondering how we would go about getting the funds to pay them off. Are we able to get a re-mortgage on our house? Being as my mother in law is not an official mortgage provider. Or does it have to be a personal loan secured on the property for the amount we need? What are our options please?
Customer: replied 4 days ago.
Is it classed as an official mortgage with banks etc. We are paying them back our monthly agreed amount via bank transfer.

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!


I am an expert with  JustAnswer and I am happy to assist you with your question,  you can buy out of their share of a property, you have to work out their share of the equity. Typically this involves getting  the house valued (the lender will do this, usually for a small fee). Ask your current lender for a redemption certificate to find out how much is left to pay on the mortgage.

Please kindly feel free to ask of you need me clarify  my answer.

Expert  Lu

Customer: replied 4 days ago.
Our contract states that the end of our 5 year agreement is up on 4 July. We either look for another mortgage and pay the balance owed or reinstate for a further 10 years with them or sell the house and pay them back what we owe.What do you mean about their equity? Are they entitled to more than what we owe them in our contract?

No they are not entitled  to more , you would be better off looking for another mortgage  and and paying the balance owed.

Expert Lu, Business Consultant
Category: Finance
Satisfied Customers: 221
Experience: ACCA Diploma
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Customer: replied 4 days ago.
Ok thank you very much for your help
Take care xxx