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Part And Part Mortgage

Our Mortgage Service - helping you make the right decision

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support".

As your mortgage is such an important transaction, good advice is imperative.

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"We know that the internet is the first port of call for many people when looking for mortgage solutions; our view is, yes use the internet to do your own research , but then bring it to us and we’ll let you know how your findings compare and then give you the information and advice you need - so that you can make the right decision for your future.” Adam Arnott, Head of Mortgages & Protection

Our independent mortgage broker service provides: 

  • FREE initial mortgage consultation
  • Access to exclusive mortgage deals not available on the high street
  • A dedicated mortgage adviser and case handler to deal with your mortgage from enquiry to completion

Part and Part Mortgages

Part and Part mortgages are a less common type of mortgage, they essentially allow a borrower to have a single mortgage on a property with a portion of it held on a repayment basis and another portion on a interest-only basis.

How Part and Part Mortgages work

Part and part mortgages work by splitting a mortgage between two different payment methods, this means that the borrower will over the course of the mortgage term repay some of the mortgage balance and then be required to repay the remaining interest-only part of the mortgage, in full at the end of its full-term.

For example, if an individual took out a part and part mortgage of £50,000 this could be on a basis of £30,000 repayment and £20,000 interest only. With this example at the end of the term of the mortgage the saver would have to repay £20,000. This is because over the course of the loan the monthly mortgage payments will repay both the capital and interest of the 30,000 portion and just the interest of the £20,000 portion.

About Part and part mortgages

The monthly repayments of a part and part mortgage may be cheaper than a comparable full repayment mortgage as you are not repaying all of the capital in your monthly instalments. However, similarly the monthly instalments may be more expensive than they would be with a comparable interest-only mortgage.

You will need to provide the lender with a detailed plan of how you intend to repay the remaining original balance, from the interest only portion of the mortgage at the end of the mortgage’s full term.

Before you apply for a mortgage

As with any type of mortgage, it is worth shopping around different products to try and find the product that you feel would best fit your specific needs. In addition to this you may wish to consider other sorts of mortgages such as a standard repayment or interest only products.

Remember that your financial factors such as the size of deposit, your affordability and credit history will determine exactly what products are available to you.

Mortgage adviser

Borrowers may benefit from using the services of an independent mortgage adviser. An adviser that offers a whole of market service can use their expertise to search across a range of lenders on the behalf of their client to try and find the most suitable products for them, in addition to be providing them with impartial advice.

To find out if Fair Mortgages could help you fill in our online contact form to request a call back for a free initial consultation. Alternatively call directly on: 0117 313 7780

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