A £50k dilemma

[ghamer]

What would you guys do in this predicament,Have planning for an extension.Costing £50k.Have £50k in the bank.Should I
(a)Spend the £50k on the extension and not increase the mortgage.
or

(b)Get the £50k on the mortgage and put a deposit on a BTL with "my" money.

Currently have £65k mortgage on a £350k house I,m 39.

Would would the money men on PH do.Thanks

[ghamer]

Interesting thanks guys.I really fancy a BTL and can probably get a run down 3 bed terrace for say £60k so might look into using a proportion of the cash to buy one and borrow the rest for the extension.I really want to keep the mortgage below £100k though.