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22/10/2013 at 13:46
We are desperate to have a downstairs toilet and kitchen extension. We currently have a mortgage on a very good rate, and are thinking of considering stretching this mortgage by 3 years to bring the repayments down further per month, and then take out a second mortgage to cover the extension costs. This would then be an affordable amount per month.
Do you think we would be mad to stretch the existing mortgage? If we don't, it's unlikely we could afford the second mortgage that we need to build the extension?
what would you do in my situation? Have any of you got any experience of doing a kitchen/diner extension and have any useful tips you could pass on to me please?
does anyone know roughly how much architects costs to do just building regulations drawings? We won't be going out beyond 3m so I believe planning permission is not required.
Any help/advice would be appreciated
22/10/2013 at 15:03
22/10/2013 at 22:06
Are you sure you can extend the current mortgage without losing your deal? If so and you are not taking it beyond retirement age I think it is a good idea. It's not that long and you will appreciate the extension for as long as you live in the house. Depending on how much extra you want to borrow, an unsecured loan might be worth looking at. Check out moneysavingexpert for good advice on the best loans/mortgages available.
Also meant to say, don't stretch yourself as interest rates will go up, they can't be maintained at this level forever. I think the BoE has indicated that once unemployment has reached a certain level they will look at starting to return them to a more "normal" level.
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