how does top up mortgage work?

cobalt

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I'm planning some home improvements (renovations plus small extension) and I have about half the money needed. I could do it in two phases (spending half now and waiting until I've saved the rest for phase 2), but it would be more practical to get everything done together. However this would obviously mean a loan. I was thinking of a mortgage top-up, but I don't know how this works.

Is a top up an increased amount on the existing mortgage or a separate add-on mortgage with its own T&Cs?

Related Qs -
Is there any chance I'd get the top up at my existing mortgage rate (Bank of Ireland tracker @ ECB + 0.75%)?
Would I lose my tracker by topping up? (If this is the case, obviously there's no way I'd do it.)

There's enough equity in the house for the extra sum I'm thinking of, and I could demonstrate to the bank a history of monthly savings that exceeds what the topup repayments would be even at a couple of percent higher than the existing variable rate (as long as only the topup bit was at that rate and I didn't lose the tracker for the existing mortgage sum).

Thanks.
 
You won't get it at the tracker rate.
If you are not in negative equity - and can prove this to the lender - then you may be able to get a top-up. This will have its own terms and conditions. I don't think you should be at any risk of losing your existing tracker by topping up but obviously get that in writing from the bank.
 
Thanks emeralds. I'm just at the exploratory stage at the moment, but it's good to know how these things normally work.
 
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