We are trying to do bathroom reno's (see other thread about how difficult finding getting quotes!) but we have just overpaid into our mortgage and now are redrawing - interest rates have fallen since we bought and we never changed our repayments so built up a little that way too. When we got the mortgage out, we got it for amount flat was going to cost + stamp duty minus our deposit and then when got first home owners etc it sat in the mortgage account so always knew we would have a bit to draw out too. At some point we will rent this place out and will get a better rental income due to renovations + value will increase but didn't want to wait till have saved up everything as want to enjoy the new bathroom and kitchen ourselves too. (Shower is also vital as is leaking into wall - and little point in only doing that). Only problem is after paying out for big expenditure (we just got double glazing) is hard seeing interest on loan be so much higher each month because it isn't being offset by that money.