Adding cost of repairs to mortgage

Squint

I have been overpaying my mortgage and have thought of that as a form of saving. I am about to remortgage and I am thinking of adding the cost of some repairs / improvements to the mortgage.

The repairs are to a wetroom floor which needs doing, but at the same time I would replaster the ceiling and get it retiled and replace the windows in the room.

I need to rerender although this could wait.

I also need to replace some windows as they are misted up and cannot be repaired. The windows in general need replacing.

My ltv will be under 50% regardless of whether I borrow more.

I do have savings but these are earmarked for emergencies and replacing my car in due course.

Even with overpayments I have another 8 years to go on my mortgage and the wetroom floor cannot wait that long. Ideally I would do the other work too as it would be a lot easier to sell my house with the work done should I lose my income in future.

Should I borrow the extra or save up rather than continue to overpay in future?

foxy-stoat

Unless you are on a really high rate, I would stop overpaying and save more each month. Use your current savings to carry out any work needed and build up savings for the next car.

MortgageMamma

You have to do whats right for you. If the repairs are urgent borrowing money isn't a bad thing to do to get them done. You need to keep your savings as your emergency fund so you have got that bit exactly right.

Get some quotes for the increased borrowing and then see if you can still make overpayments on that level of borrowing. Its a win win for you then.