Thanks for the advice and comments all, I'm reassured now that doing something to improve our housing isn't a crazy idea. I spoke to the bank today and got similar advice re the mortgage 3.5 current income to a max of 540k. I'd be very nervous to take on anything like that level of debt though having struggled through the aftermath of 2008. If we moved it would be a new mortgage at current rates but a top up would just be the balance at the current rates and that seems much more palatable.
The attics can't be easily converted in these houses but we do love the area and the kids can walk to everything primary, secondary, sports etc. along with great public transport to Dublin. I spoke to an architect a long time ago and the biggest obstacle is planning but I think it would be worth submitting an application and see what the council come back with. The bank want me to start putting the savings into a dedicated account too, to prove capacity so I need 6 months of that too and that gives time to assess the feasibility of converting/renovating our existing house.
I do have some life cover with my employer from memory its 4x my salary lump sum and then 50% per year to pension age in the event of my death, there is also some cover for my wife on the policy but I will get details and ensure we have appropriate cover in place.
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