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Add a loan part
A loan part is one piece of a loan with its own balance, interest rate, and repayment style. Most mortgages need only one. Add another when the lender treats part of the borrowing differently, so rate changes, payments, and the schedule stay accurate for each part.
1. What a loan part is
The overview lists every part on the loan. Each part has its own principal, rate, and regular payment. The schedule includes every part.
In the app
- Finance
- Loans & Mortgages
- Overview
- Loan parts
- A single repayment mortgage, or a single interest-only mortgage, is one loan part.
- Rate changes are recorded on the part they belong to. See Change an interest rate.
2. When to add one
Add a part when the lender’s documents show more than one balance on the same loan.
- Part of the loan is interest-only and part is repayment.
- A further advance has its own balance, rate, and payment.
- An existing balance is being split into separate parts the lender already treats differently.
3. Add the part
The first part is added from Loan parts on the overview. A later part asks Add another loan part? and why you need it.
In the app
- Finance
- Loans & Mortgages
- Overview
- Loan parts
- Add loan part
- Split existing borrowing into separate parts divides what is already owed.
- Further advance (new money) records new borrowing with its own balance and rate.
- Other covers a split the first two reasons do not describe.
- A closed loan cannot take another part.
- After the parts are saved, open Loan schedule and check that every part appears. See Activate and build the schedule.