Another wwyd stay/convert/move?

[JaffaCakesAreHalfMoon]

So we seem to be at a crossroads and struggling to make a decision!

Late 40s/early 50s two ds at secondary school. Current house 3 bed terrace lovely garden - problem is youngest ds has the small room-which is tiny, really tiny...think bed and chest of drawers that’s it!

Current mortgage runs for 10years and has approx £60k remaining options are…

Option A
Do nothing, overpay mortgage, done in 8 years, mortgage free for when the boys leave home (maybe)/Uni and are in the position to help them financially but the house isn’t bigger right now.

Option B
Convert the loft, would mean taking the term up to 13 years and adding 40k to mortgage, payments would be the same as option A but just for longer.

Option C
Move - to get anything bigger and make the move worth it we would be looking at adding another £140/£150k to the mortgage and extending the term to 15 years.

I’m conflicted and leaning towards A or B, I like the idea of being Mortgage free but we desperately need more space!

Has anyone been in a similar situation?? Or have any ideas, much appreciated!

Sounds like a great plan B!

Thank you everyone for your thoughts and ideas.

@TeaAndStrumpets thank you for finding that out, that sounds quite reasonable but I think it is entirely dependent on area and finding a good builder which is a minefield!

@ProjectKettle We are in a cheaper area of the country and wouldn’t have to lower ceilings as loft has a good height, we may have to loose some of the box room for the stairs or definitely have a dormer for the stairwell ceiling height. Also DH is very practical so most of the second fix and decorating would be done by him, I don’t know if this would make much difference to the final cost though.

@Toomuch44 yes we do have a long garden, typical terrace so about 100ft, there would be a lovely spot for a garden room!