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Sorry guys, didn't think it could work. Thanks for clarification.

Trust me, you don't want one. Value Add: Big fat zero! What it does is puts the bank on notice of your whole financial affairs and make you think they have your interest at heart but really its how much more they can rip you off through x-selling insurance products, investments, x-collaterised...

All you're doing by capitalising interest and IP expenses is coverting a 7.15% interest rate to 3.83% for tax rates at 46.5%, 4.90% for 31.5% on a post tax basis. And then building up a war chest of cash so when you decide to switch PPOR, you don't have to sell or re-draw equity. You can just...