A part and part mortgage is a way of splitting your monthly payments between repaying some of the loan and covering just the interest on the rest.

For homeowners in Lincoln who want a balance between reducing what they owe and keeping payments lower, it can offer a useful middle ground.

It’s different from choosing either repayment or interest-only, and often suits those with a clear plan for managing their mortgage longer term.

How Does a Part and Part Mortgage Work in Lincoln?

This mortgage splits the loan into two parts. One part is repaid monthly with both capital and interest, just like a standard repayment mortgage.

Over time, this section of the mortgage gradually reduces and is cleared by the end of the term.

The other part is treated like an interest-only mortgage. You only pay the interest each month, meaning the balance of this section stays the same.

At the end of the term, you’ll need to repay this remaining amount in full, usually through savings, investments or from selling a property.

Could You Remortgage a Part and Part Mortgage?

Yes, it’s possible to remortgage in Lincoln if you’re on a part and part deal. Some borrowers look to move to a full repayment mortgage if their finances allow.

Others may switch between interest-only, repayment, or continue with another part and part arrangement.

Remortgaging a part and part mortgage in Lincoln may also be an option if you’re approaching the end of your term and need a new plan for repaying the interest-only portion.

Lenders will assess your circumstances and repayment strategy to ensure the new mortgage is affordable and suitable.

Why Do Homeowners in Lincoln Choose This Type of Mortgage?

There are several reasons this setup can appeal:

  • The repayment element helps you reduce your debt steadily, rather than carrying the full amount through to the end.
  • The interest-only section lowers your monthly payments, which can ease financial pressure in the short term.
  • If you have assets, savings or a long-term investment plan, the interest-only element can be part of a wider strategy.

It’s particularly popular with those who are planning for a specific financial event or want to retain more flexibility over their monthly commitments.

Can First Time Buyers in Lincoln Get a Part and Part Mortgage?

It’s not the most common route for first time buyers in Lincoln, but it can be an option depending on your income and future plans.

Lenders are more likely to consider this if you have a strong financial profile or can demonstrate a clear method of repaying the interest-only balance.

As a first time buyer, it’s always worth speaking to our mortgage advisors to explore whether this kind of arrangement fits your situation or if a more traditional mortgage might be better suited.

Is a Part and Part Mortgage Right for Me?

Choosing a part and part mortgage depends on your financial goals, income, and how you plan to repay the interest-only portion.

It can be a practical solution for those who want to manage their monthly budget without committing to a full repayment mortgage.

It may also suit homeowners who are planning to downsize in future or use investment returns to pay off the balance.

We’ve helped many customers looking at interest-only mortgages in Lincoln and those who want to explore how part and part options compare.

If you’re thinking about how best to structure your mortgage, speak to our team and we’ll help you weigh up the choices.

Date Last Edited: June 4, 2025