can you release equity on house with low tracker mortgage repayments to ......?

[mellaw]

Hi,
Can you release equity on a house with a low tracker interest rate in order to pay off a lump sum on primary residence with different bank and higher variable rate? first house bought in 1999 and now on 1.5% tracker. second house(family home and in negative equity) bought in 2006 and just off a fixed rate and onto 3.5% variable with NIB with repayments of 2400 per month. Does that make sense? Wouldn't it be super if one could?

 

[wbbs]

I think the days of releasing equity are long gone, even if you could remortgage the first house it would not be at tracker rate, you would be taking out a new mortgage at present rate. Only exception to that as far as I know would be if you had an old First Active current account mortgage, you can (if you could qualify) draw down additional funds at the tracker rate.