We are a family of 2 adults and 2 teens in a four bed detached house. House worth circa 500k, we owe around £100k on the mortgage.
If we stay living here we will need to do some updating on the house, so replace kitchen and bathrooms and we also want to add a garden office for an extra downstairs space. I think we could do everything we need for well under 100k, would remortgage to do so.
A new housing estate is being built in a sought-after town down the road. It would make life easier for me and the teens to get to work and school as than where we are currently. DH wfh so no difference to him.
I have seen a really lovely 5 bedroom house, agents are offering incentives like stamp duty and other fees paid. On for £750k. Top floor is two equal sized bedrooms with a bathroom. Teens are 13 and 16, both say no interest in going to uni. Have some ND diagnoses and not likely to rush out the door and live independently the minute they turn 18 so not like we'll be downsizing any time soon.
Downstairs there is the extra space we feel we'd gain by adding a garden room here.
Would it be mad to add an extra £250k to our mortgage at this current time? We are mid 40s with joint income of £140k, jobs as secure as anyone's I guess.
Or should we keep the mortgage small and the house functional with a view to the DC being gone in another 10 years?