Bank Loan

[Cooperinliverp00l]

I'm aware you can get a loan that is bolted onto your mortgage and so charged at the morgage interest rate.....If i was to get a loan and the new mortgage rate (thanks to bank of england) is it secured at that rate or would it go up when the rates go up....i have a tracker mortgage

what do you think

[Bagpuss]

bad idea

[Archangel]

This is called a "further advance" and is usually at whatever deal you can get at the moment.

So if you had taken out a 10 year fixed 3 years ago at 5.88%, the further advance could be a 2 year tracker at 0.85% above base. So no relation to the original loan, except it is secured on the same property.