Thanks for the comments Guys, I'm new to this and by the sound of things, I was wright to question my last mortgage brokers advise. Richard, I'm afraid that's exactly how my current LOC is set up. Is this bad simply because of the need to keep the property and living expenses seperate? If this is the case, my accountant keeps track of what spending is property related and what isn't claiming only against the property. Until now, I've thought it to be a good set up as it's given great flexibility and I've managed to reduce the amount outstanding by a considerable amount.
If there's more to it however, or simply a better way to do it, I'm keen to learn about it. What info do you need to comment further?

Many thanks,
Shaun.