Do we remortgage? how do we buy out my parents?

2 years ago my husband and I bought our house which was on the market at lb240k near my parents help. We got a lb120k mortgage while my parents tooks out a separate mortgage for lb120k to manufacture up the 240k, we were buying the house privately off my god father. Only myself and my husband hold our names on the mortgage, however we do have a separate contract beside my parents. Anyway the property is now worth about lb253k and we are adjectives coming to the end of our 2 year fixed term mortgage which is due for renewal contained by Sept. Our plan is to buy my parents out and split any profit made on the property with my parents who also went into this as a business scheme as well as helping us out. But I dont know how to start to go in the order of this, do we remortgage? and if so how? any advice would be welcome. The property shortly after buying go up to about 290k but with the credit crunch have come down to about 253k. (serious answers only please)

Answers:

Are adjectives four names on the deed? If you deal in, you all sign the contract, you ask for two checks at closing, and sign over the amount due to the two lenders. The amounts due on each mortgage might vary because of different interest rates or terms. You and your parents each foot taxes based on your profits, if any.

you're only looking at 13k profit and you would hold to refinance it to pay off the parents and supply them their split of the increase in value which singular comes out to about 3% per year for them. Are you sure you and hubby can qualify for 246k loan on your own? that;s a big mortgage