Equity Advice

S31

I don't mean to be thick but here goes.......

In the current market we have made approx 40K on our current property.

We are wanting to borrow some of this (10K) to pay off some of our debts. My questions are

1) Do banks let you borrow some of the equity which is in your house ie: the 10K

2) Will it be added to the current re-payments or will a new mortgage rate be negotiated

Thanks in advance for your replies.

koexelek

1) Yes, as long as it fits in their current lending criteria, and loan to value
2) A new rate will normally be negotiated ( unless your current product had some kind of drawdown facility)