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This tends to be an option made available with so-called flexible mortgages. The lender will allow you to 'draw' funds out of your mortgage account at any time during the mortgage term, providing you don't increase the size of your borrowing over the previous mortgage advance. This is an option that can also be applied to self-build mortgages.
As a borrower it means you have access to borrowings in the future without having to resort to a remortgage or filling out reams of paperwork.
Last Updated: January 2006 © Moneyextra.com
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