Can I pay for an extension by releasing equity after it's finished?

[Ben]

I want an extension that will cost me about ?40k. My mortgage lender won't lend me enough money as I don't have enough equity in my property. I have about 10k in savings and will raise the rest via 0% credit cards and maybe a "family" loan. The extention should add ?30k-?40k to the value of my house. I then plan you get the house re valued and then release equity to pay off some of the cards/loan. Is there any problem with my plan and/or has anyone done this themselves?

Cheers.

[gerald]

I think by the time you are finished you will be on a loser at the end you will only own part of the house
and the equity interest will outstrip you in 10- 15 years it won't be your house