Endowment Mortgages Tips

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Tips - Endowment Mortgages

  • Endowment mortgages are essentially investments in the stock market. If the endowment policy performs poorly, the mortgage may not be paid off at the end of the term.

  • Endowment mortgages were made popular in the 1980s by tax breaks. These no longer exist.

  • Endowment mortgages contain some form of life insurance that will pay off the debt in the event of the policy holder's death.

  • Further insurance can also be added to the endowment policy at competitive rates, such as a waiver of premium and critical illness cover.

  • Mortgage lenders are now required to send regular updates on the performance of their endowments to policy holders.

  • The industry has paid out over £2 billion to policy holders who have been mis-sold endowment mortgages.

  • It is possible to surrender an endowment and switch to a repayment plan if the endowment performs poorly.

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