Going up or digging deep, how to finance a home extension

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From loft conversions to basements, planning applications are rising as homeowners need more space but can’t afford to move

Growing numbers of homeowners are building upwards or digging down to create more space because they can’t afford to move to a bigger property. But what are the options for financing this work? Should you remortgage, ask to borrow more from your existing lender or take out a personal loan?

Research this week confirmed what many people in areas such as London will know already, as evidenced by the fleets of scaffolding lorries and skips converging on residential streets: there has been a dramatic rise in the number of loft conversions.

Related: What's the best way to release equity for home improvements?

There’s an argument for borrowing the money with rates at record lows,and hanging on to your savings

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Read full article on theguardian.com