Best way to fund house extension

[WhatTheFund]

I wasn’t sure whether this board or properly/diy would be better suited but here we go.

Our remortgage is due in 2028. We would however like to carry out a double extension to enlarge our kitchen and teen DC’s room, which is a box room.

We bought our house for lower than market rate as we rented it initially and the LL did us a good deal. We have no equity to release on it really ( less than £20K).
The mortgage is only in my name and I don’t remember the reason for that tbh.

What would be our best route for securing funds at say £100K?

DH’s only debt now is paying gir his car at £300 for next 6months. Mine is about than £300 on a store card that’s buy now pay later that I try to use i build my credit .

Is our only option to raise funds for this to remortgage the house? How do we do this if we have no equity?

Are you sure about the equity value? You say you bought it below market value so you should have had some equity on day 1 and unless you got a 100% mortgage you would have put a deposit towards it.

That’s a very good point. I’m just basing it on the mortgage amount, not taking into account our deposit or the fact that it was below market value. Thank you.

Equity is current value of the house minus mortgage. So if the house is worth £400k and you have a £300k mortgage you have £100k equity. However you would be unlikely to be able to borrow that much more due to LTV. Would it be better to move and port the mortgage?