What would you do regarding extensing mortgage in this climate?

[Neverunderfed]

We are debating extending the house, something we will need to do in next 5 yrs really. Cost would be £80k odd. We have about 50% equity in our home as is, with a mortgage of just over £130k.

The repayment on this is approx a 6th of dh's net income, I don't work at moment but hope to change that.

Have had quote from current mortgage provider for additional borrowing which would work out approx an extra £450p/m on a 2 yr fix.

At present that is our monthly buffer after all other savings and expenses are paid.

I'm nervous about the prospect of borrowing more with the uncertainty around Brexit. Our current mortgage deal has another 4 yrs to run, and is very affordable...but long term we do need the space and have no plans to move.

My gut says hold on, but would it make sense to secure additional borrowing on a fix before potential interest rate rises? Or just sit it out and squeeze into what we have for the foreseeable?

Id sit and wait - ive remortgaged to a brilliant deal on a long term fixed as brexit makes me nervous. (hence why i did it)

I want to also move in a few years but given the way things are going in the uk i might wait and extend up too (loft space)... but thats only in 2 + years when the market goes one way or another and I would also need to remortgage - and wont be yet!

You want to extend in next five years. So you have time to save and save. That way with Brexit uncertainty, you can adapt more easily, than if you max out borrowing now and have alot of debt to repay.

Mortgage being 1/6th of your income means you have more leeway than most to save.

With 4 years left on your mortgage deal, you can look at borrowing more then.