Is it possible to take out a part repayment and part interest only mortgage

[zippyswife]

We have equity in our house. We want to move to get more room for the dcs while they need in (in 10 years time the eldest will be at the age where he might be leaving home) so we feel It’s important to do it sooner rather than later.
We can’t get a repayment mortgage for the house/type of house we would like. However we could get a repayment mortgage for most of it. Could we then get an interest only for the final 10% of it confident we will be able to repay that in 25 years/when the time comes.
I hope this makes sense!

Our mortgage is part repayment, part interest only. So yes it can be done.

Yes this is possible. It's not unusual if people are planning to down-size after kids leave home - in that sort of case, you need to take a gamble as to what the difference will be between the price you can sell the larger home for, and the price you then pay for your downsized home. If the gamble goes well, then you repay the interest-only portion and have hopefully fully repaid the amount you need for the downsized home and so are then mortgage free. However, no one can predict what the housing market will be like in 10/15/25 years time and if you can't get a buyer for your larger home at a price which lets you follow this plan, you are completely scuppered as the capital sum is due and you have to repay it - and you could end up losing a lot of money. Its not a bad risk if the interest-only portion is only 10%. I wouldn't risk it for more than 30%.

Oh great. Thanks for the advice. I hadn’t heard of this so wasn’t sure if I was creating an unrealistic plan!
So would they lend more if it was part and part? As you’re not repaying as much monthly as if it was only repayment?

We have an offset mortgage. It is like interest only but you can pay off more and offset any savings against your mortgage. It's really flexible. If you pay extra then you can always draw back this money if you need to. You need to pay the final balance though.

You can get them, but they're very hard to get approval for. You have to prove to the lender you have the means to pay it off, and downsizing when the kids have grown up isn't always an acceptable answer. You'll generally need a high deposit and a high salary. Much higher than usual.