Hey people just wondered if anyone has a few thoughts on what im thinking about but dont no what to do.

I have a house which i brought with a family member 2.5 yrs ago and the 3 year fixed period is up at the end of the year.

This is where it gets confusing, i have a loan that i wish to pay off at the end of the year but not sure how to go about it.

The loan amount left will be about 10,000

I could look at a new mortgage period for say another 3 years but 1. its 50/50 with someone else, 2 i dont currently live in the area so i just contribute my bit but could well look to start another joint mortgage with a partner next year.

so basically is i possible to start another mortgage on the house, pull out 10,000 from it and then look to do another mortgage the following year?

Only problem with the following mortgage is i wouldnt have much to put down as a deposit.

Any idea guys, the other option is to just try and get my relative to buy me out of my current house but i dont no if he coulld then keep the mortgage on his own so its tricky and bloods thicker than water and all that.

Responses would be greatfully recieved

Thanks