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should be relatively straight forward.
When I did this with Nationwide, it was fairly simple but they don't allow you to repay one product with another. I now have 3 different mortgages with them, all on the same property and all for fairly small amounts.
No tax implications in the borrowing end of things. Depending what you do with the spending end, there could be.
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This is what has kept the British economy going for years. Go ahead and splurge on a round the world trip in five star hotels, a classic car (or four) or on your kids uni fees. It's your patriotic duty...
[Not intended to be a pot shot at you, rather at the system that rewards house price inflation and seems incapable of paying people decent wages for honest hard work]
ChasnotRobert
Zerostar
@Howard
Question - currently owe about £100k on a mortgage on a £500k property that was bought for £400k.
I'd like to take £200,000 out of that property and do something with it, not related to that property.
Assuming we earn enough money to cover a £300k mortgage (we d0), how straightforward would it be to extract the equity? Just a case of borrowing more? Would there be tax implications?