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Endowment Mortgages
Endowment mortgages combines an interest only mortgage with a savings plan. Each month, the interest only portion of the loan is due with an extral amount paid into an mortgage endowment policy. At the end of the term the original sum borrowed is due, but funded by the savings plan (there is no guarantee that the endowment will be enough to pay off the mortgage). This type of loan can suit investors as they are maximising tax efficient borrowing whilst using the endowment policy as a vehicle to repay the loan at the end of the term.
Advantages
Interest only option
Disadvantages
X Potential shortfall in funding
X Penalties may incur for cashing in policy early
ENDOWMENT MORTGAGE - ONLINE APPLICATION
Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.
Mortgages for First Time Buyers
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