Remortgage or not... Please help!

busybusybee_3

Hi all,

This is my first post on this site and i'm hoping someone may be able to help. Like some others on here we have lost the equity on our flat with the current climate. Our mortgage is due to end in June (£149,500) and we will be paying around half what we are paying now on the SVR.

Now the dilema... I have recently become debt free and have managed to save around £3500 so far this year. My OH and i really like to location of the flat but it's not big enough. There is the possibility of an enormous loft conversion which would make it a great size and would bring equity back into the property then remortgage in arounds 12-18 months time. Or do i pay the money off the mortgage instead to try to regain some of the equity lost then try to remortgage in 12 months. 3rd option, do i keep saving to move to somewhere bigger but lose money by paying fees?

I appologise if i have put this in the wrong place but any suggestions would be really appreciated.

Many Thanks

gizmo111

How much is the loft conversion going to cost and if you did this how long would you see yourself staying in the property?

busybusybee_3

Probably about 10k, my dad's a builder and will help out... i guess we would stay for a couple of years