Mortgage Current Account Reserve - Any Experience ?

13ian

Hi,
Does anyone have any experience of a 'Mortgage Current Account Reserve'? This is basically a secured overdraft facility on a Mortgage Current Account for additional borrowing where you can borrow up to say £20k. The Mortgage Current Account Reserve works like a normal current account overdraft with a debit card and cheque book, you have instant access to your funds and you choose when you borrow the money, how to spend it and when to pay it back. You will incur interest for the additional borrowing until it is repaid at the lenders Standard Variable Rate.

I've never heard of this before and wondered if anyone out there has used this method for funding home improvements instead of adding the additional money required to your existing mortgage ?

Thanks,

Ian.