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Part & Part Mortgage

Consider a Part & Part Mortgage for a flexible approach to repayments.

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What is a part and part mortgage?

A part and part mortgage is when some of your loan is on a repayment basis and some is interest only.  

With a part and part mortgage, the full loan amount will not be repaid at the end of the term.  The interest-only mortgage element will need repaying via the sale of the property, a remortgage, or from pension tax free cash etc.  

A part and part mortgage allows the property owner to benefit from lower payments over the term of the loan due to some of the balance being on an interest-only basis.  

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Who offers part and part mortgages?

For the right customer, most mortgage lenders offer part and part mortgage options to borrowers.  

Qualifying for a part and part mortgage is more difficult than a regular repayment loan due to interest-only mortgage portion.  You’ll need to clearly demonstrate and evidence a repayment vehicle to repay the loan when the term ends.  

Also, there are a range of over 50s mortgage options aimed at our older borrowers looking to move home or remortgage with a part and part mortgage.  

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Can I get a part and part mortgage?

Whether you will qualify for a part and part mortgage will depend on your: 

  • Loan to value ratio. 
  • Assets. 
  • Income. 
  • Credit score.  
  • Credit commitments. 
  • Number of dependants.  

Part and part mortgages are classed as specialist lending and the help of an experienced mortgage advisor will increase your chances of being accepted for one.  

These products are good if a customer is not able to qualify for a 100% interest-only mortgage product due to the criteria or loan to value restrictions.  

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Part and Part Mortgages – FAQs

Which lenders provide part and part mortgages?

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There are lots of lenders that provide part and part mortgages, both high street and specialist lenders will have part and part options available for their customers.  

Part and part mortgages will be available for: 

A mortgage broker will be able to provide mortgage advice on the best part and part mortgage deal that suits your personal situation.  Part and part mortgages are not for everyone. They’re classed as higher risk lending because at the end of the term your loan will not be fully repaid.  

How to repay a part and part mortgage?

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At the end of a part and part mortgage term, the interest-only element will need to be repaid in full to your lender.  They’ll start writing to you ahead of time to remind you and to give you plenty of time to act.  

Your options include: 

  • A remortgage on to full repayment providing the funds to repay the lender, you’ll need qualify on affordability and credit checks. 
  • Repay the balance using your savings, investments, pension lump sum etc. 
  • Sell the property and downsize to repay the funds.  
  • If you are over the age of 55, there may be retirement mortgage products or equity release deals available to you such as a lifetime mortgage 

The best thing to do is to keep speaking with your existing lender to let them know how you’re going to repay the funds, if the property is to be sold, they may allow an extension of the product to give the sale time to go through.  

What are the pros of part and part mortgages?

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The pros of a part and part mortgage are: 

  • Keeps your mortgage payments at a lower level for the term of the mortgage due to some of the loan being on an interest-only basis.  
  • They can provide a good level of flexibility with overpayments. 
  • They suit customers looking to downsize in the future or for those with a big inheritance due.   
  • They’re a good product for someone that is looking for full interest-only however can’t borrow enough on this basis due to the loan to value.  

What are the cons of part and part mortgages?

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The cons of a part and part mortgage are: 

  • The loan will not be fully repaid at the end of the term. 
  • A repayment vehicle will need to be in place to qualify.  
  • You’ll pay more interest overall then with a regular repayment mortgage. 
  • You don’t have the peace of mind and security that your mortgage will be full repaid at the end of the term.

What does part interest-only and part repayment mortgage mean?

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Part interest-only and part repayment mortgage mean that a percentage of your property has a mortgage where the capital and interest are repaid together, and the remainder is on an interest-only basis.  

With the interest-only basis the capital is not being paid back, therefore, at the end of the term you’ll need to repay this as a lump sum.  

If you have a historic part and part mortgage in place with no repayment vehicle, you should consider looking at a remortgage to full repayment if this is affordable to you for peace of mind.  

If you are over the age of 60, there will also be retirement mortgage options available to you for consideration in order to ensure you stay in your property.  

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