Q:Hi.

We currently own, albeit on a mortgage, a house worth ￡110k. Having recently put it up for sale in order to move to a 3bed as partner is pregnant, again, we're now considering extending the current property.

There is ￡52k outstanding on the mortgage. The plan was to sell for the ￡110, make ￡55k ish profit, take out 10K for a new car, and use the remaining ￡45k as a deposit on a new property of about ￡125k, meaning we'd have a new mortgage around ￡80k. The house we're currently in is an end terrace with loads of land for extensions, good schools, close to shops etc. Basically we don't want to move, just have more space.

Is there a financially sound way to release the cash (￡55k) and stay in our current house without remortgaging for ￡110k and be able to build a single storey extension?

Michael and Jenni.

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A:If you can afford a mortgage of ￡80K, then the amount you can afford to pay over and above your ￡52K outstanding is ￡28K.

Could you build the extension for this?

Then you will end up with the same mortgage in the same home, but bigger.

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