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Paying off endowment portion of mortgages
theendisinsight
Posts: 1 Newbie
We have about 13 years of a 17 year mortgage which is roughly 65% repayment and 35% endowment. The endowment comprises a number of policies. One policy is due to come out next year. When it matures am I "honour bound" to pay that portion off the mortgage loan or as long as they (the lender) get their money in 13 years time (paying off the total sum) is that OK?
Cheers
Peter
Cheers
Peter
0
Comments
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When it matures am I "honour bound" to pay that portion off the mortgage loan
No.
The mortgage and the endowments are not linked. You are required to pay the mortgage at the expiry date of the mortgage. However, many mortgages are set up in segments to cater for that. You should make sure yours is/isnt.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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