Can I borrow a bit more and change from interest only to part repayment?

Stewmarsh

hi, I currently have a £237,000 interest only mortgage. I would like to borrow another £20,000 as repayment, and also have a part of the original loan converted to repayment. For example £237,000 currently borrowed as interest only. Change to maybe £150,000 interest only and the remainder repayment. With the additional £20,000 need this would mean £107,000 as repayment. Is this possible?

[Deleted User]

Maybe.  Depends on the lenders policy on further borrowing, interest only mortgages (do you have a current repayment vehcile on the debt), your income, expenditure, credit profile etc

Stewmarsh

We have a huge amount of equity on our property, if that helps.

K_S

@stewmarsh It is possible in principle. Whether it is possible for you will depend on your financial circumstances, whether you meet affordability (as per lender calcs) to borrow the amount required, etc.

Essentially, you are looking to get a part-and-part mortgage with £150k on I/O and £107 on capital-repayment.