Should we borrow against the mortgage for our loft conversion? | Money | guardian.co.uk
Q Our mortgage finishes in 18 months, but it is an endowment with a shortfall of about £12,000. I do not work as I care for my elderly mother, and my partner is self-employed and earns very little.
We live in a two-bed house with an 11-year-old boy and a nine-year old-girl who share a bedroom. We cannot afford to move and have decided the only solution is to turn our loft into a room for our son. We expect this to cost about £10,000.
My partner will ask the bank regarding a loan, but do you think we would be better off putting the extra borrowing on the mortgage? Of course, we also have the added problem of how we are going to repay the £12,000 when the mortgage finishes.
A. .....
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