how to get around paying economic cost, page-4

Substitution of security allowed subject to the bank's consent.

Simultaneous settlement required.

Security to be substituted must be a "like for like" otherwise new loan is required.

Substituted security cannot represent a reduction in security for the bank.

"Like for like" is, for example, ready built house substituted with a ready built house - Building Loan is then not permitted; 1st mortgage substituted for a 1st mortgage etc etc.

Hope this helps.

Good luck