Cellar conversion/Borrowing

Posted this in Loans but posting here too…


I have had some quotes to convert the celllar/basement in my mortgaged home but have been put off borrowing with the current interest rate rises. Is there any other options out there other then additional borrowing/further advance on current mortgage? Expecting to borrow between £40-£60k (North of England) with a mix of savings but looking at loan rates they are quite similar/on pare with current mortgages if borrowing £25-30k for example. Any other options here or is it best to bite the bullet and borrow as soon as possible rather than saving little by little? 


  • FreeBearFreeBear Forumite
    11.7K Posts
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    Converting a cellar - In to what ?
    As a habitable space, it will always be dark, and quite likely damp. Even with tanking & insulating the walls & floor, there is always a risk that the tanking will fail. And without adequate insulation, it is not going to be an easy space to heat. Ventilation will also be problematic - Without a regular change in air, condensation can build up in any cold spots which could lead to mould and rotting timbers in the worst case.

    You also need to consider what would happen if there is a flood - Cellars are a pain to pump out at the best of times.
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