How did you pay for your extension?

[therapydrama]

I want to get an extension / lost conversion to create an extra bedroom. My calculations based on absolutely nothing say this will be about 50k (please advise if I'm wildly naive here).

How on earth did you afford one?

I think maybe I'd get a loan? We aren't savers so I can't imagine us saving that amount but it would take years... we haven't got much equity yet but we do overpay our mortgage.

I want it in about 1-2 years!

We used the equity we had.

Knew when we moved in that we were going to do the work, waitedseven years to do it.

We are going to increase our mortgage to add an extension. Budget 50k as well.

I think some people save, our neighbour saved for years before they built an extension.

Loft conversion, 45k total at least. Extended the mortgage

Bank job ( joking, well not really. Got a contract to look after their buildings)

We increased the size of our mortgage. We used a mortgage broker to help us as we were not terribly confident about doing it ourselves.
So glad we did it, it was stressful whilst happening, but we couldn't afford a house like ours now if we had to buy it.

We increased the size of our mortgage. We used a mortgage broker to help us as we were not terribly confident about doing it ourselves.
So glad we did it, it was stressful whilst happening, but we couldn't afford a house like ours now if we had to buy it.

We are saving. We want to knock a poorly built one storey extension to the back and build a two storey side extension for a kitchen downstairs and bedroom and bathroom upstairs. Budget 100k. 12k saved so far so it will be a few years yet! Think realistically we will save half and borrow half.

Looked at the houses on the market and knew that a cheaper house with the extension I wanted would be overall cheaper than a more expensive property. So holding back some deposit for the work

Loft conversion: We paid our builder £42k including vat, plus another £5k for the new roof that was needed. We spent another £7k on sanitary ware, tiling, painting, flooring, fire doors, carpet for stairs etc We funded it partly through re-mortgage and partly through profit from sale of a flat. We're planning to extend in a few years time, we will have no money to do it so will remortgage again or else move to a bigger house - which ever is easier.

Loft conversion: We paid our builder £42k including vat, plus another £5k for the new roof that was needed. We spent another £7k on sanitary ware, tiling, painting, flooring, fire doors, carpet for stairs etc We funded it partly through re-mortgage and partly through profit from sale of a flat. We're planning to extend in a few years time, we will have no money to do it so will remortgage again or else move to a bigger house - which ever is easier.

Loft conversion: We paid our builder £42k including vat, plus another £5k for the new roof that was needed. We spent another £7k on sanitary ware, tiling, painting, flooring, fire doors, carpet for stairs etc We funded it partly through re-mortgage and partly through profit from sale of a flat. We're planning to extend in a few years time, we will have no money to do it so will remortgage again or else move to a bigger house - which ever is easier.

Sorry did not mean to post three times - our internet is absolutely shite here this evening 🙄

Added it to the mortgage. We will still overpay to finish early, but borrowing is so cheap at the m9ment. Used a mortgage broker.

Added to mortgage!! Interesting! Thanks guys.

Not to be even more naive, but how does that even work? Is it different to taking equity out?

Added to mortgage. Just went on provider's website and clicked on 'borrow more. Was pretty straightforward.

Our house wasn't valued at enough to remortgage so we stuck it on a couple of 0% credit cards. It was 22k.

Benefit is we had paid it off within two years whereas adding it to the mortgage we'd still be paying interest on it now. I can't bear having debt so I knew we would clear it quickly.