Additional Borrowing to fund Porch and extension.

Hankins1

Good evening All,
We have planning permission and building warrant granted for a porch and 2 bedroom bathroom and utility single story extension. We are currently looking into ways to fund this work.
Our current home is valued (Feb 2010) at £200000. We currently owe £133000 and are 1.5 years into a five year fix. We would ideally like to take additional borrowing of 40 K on this mortgage taking the overall to no more than 170 K by the time the extension is finished.
I earn 55 k a year. My wife is a stay at home mum to our 4 children - hence the extension. We have 4K savings 8k car loan and 1k on 0 % credit card.
Does this seem feasible and affordable to any mortgage experts out there ?
Thanks in advance,
Hankins1.

glosoli

on the face of it, it looks okay, like always it would come down to your net income vs your expenditure and how this looks once everything is stress tested