It is always advisable to pay down loans in a time when interest rates are falling but it is also a good time to take out a loan if you have a project in mind. EBS building society is currently offering some of its mortgage holders the option of topping up their mortgage, using the additional funds for home improvements for instance.

The top-up loan is opened separately from your mortgage account and is secured against your property. This effectively gives you a personal loan at the more attractive mortgage interest rate which is substantially lower than the rate which normally applies to this type of borrowing.