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Clueless about mortgages!
rockchip
Posts: 1 Newbie
Hi i've just moved in with a partner who has had his mortgage for about 12 yrs apart from knowing he has an endowment he knows absolutely nothing else about it. Since having his mortgage he has run up a lot of debt 50.000 to be precise none of it is secured on the house and it is now in the hands of a debt charity to help him sort it out. We are wondering if he can change is mortgage so he is actually paying some of it off? Maybe someone could explain if his debts will affect this? like i said we are clueless and don't even know what an endowment is....Thanks x
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Comments
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If he has spare money to pay towards the mortgage, then his debt plan should require him to give more to his creditors...0
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Endowment,
Definition of endowment policy noun from the Cambridge Advanced Learner's Dictionary
"an agreement where you pay money regularly so that you will receive a large agreed sum of money at an agreed later date or when you die ."
(Except that the use of "large agreed sum of money " 'aint neccesarily so )Space available for rent0
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