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Loft conversions in current economic climate?

1 reply

Ilovemypyjamas2021 · 20/06/2023 22:07

looking for some advice please 😊 we’ve had three quotes for a loft conversion (bedroom & en-suite) all wildly different which if we were to decide to go ahead would require us to add to our mortgage. We were fortunate enough to get a 2 year fix rate last year before the chaos at 2.9% (only wish in hindsight we’d gone for a 5 year fix but can’t change that now). We desperately need the space but looking at the figures (& I’m not a maths genius 😊) it just looks like far too much of a risk in the current climate & from news reports today that interest rates may not start to drop until 2025 (ish). Am I thinking along the right lines that it would just be a foolish decision to proceed at the moment. Sadly we’re not I position to upsize as the next level in the area in which we live is just not possible (Sussex). Thank you

OP posts:
Houseplantmad · 20/06/2023 22:11

Read moneysavingexpert.com - I know he’s been doing work on this recently. Might help you to decide.

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