Would you take on more debt now?

My partner and I currently are in our mid 30s, work part time to share caring for young family, and own our home: value £325k, mortgage £163k with 19 years left on term. We have the possibility to buy a property and renovate it, ending up with a much nicer home worth £420-450k, but with an increased mortgage: £275k with 35 year term.

I recognise this is a personal choice, weighing up increased debt vs increased quality of life. I'm interested to hear from people here who have some knowledge and interest in finance about your perspective, with the bigger picture of economic and financial of landscape, would you take on this additional debt now?

TIA