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Redmel
Posts: 5 Forumite
Hello
I am asking a question, that my son asked me.
He is 23 soon and him and his girlfriend will be looking to find their own little place soon.
He asked what the best way of saving for a mortgage would be.
I suggested starting an endownment policy to save in, for the future when they decide to purchase a flat/house.
Would this be the best thing these days as I hear a lot of bad news about these policies not fulfilling people's needs ?.
I am asking a question, that my son asked me.
He is 23 soon and him and his girlfriend will be looking to find their own little place soon.
He asked what the best way of saving for a mortgage would be.
I suggested starting an endownment policy to save in, for the future when they decide to purchase a flat/house.
Would this be the best thing these days as I hear a lot of bad news about these policies not fulfilling people's needs ?.
0
Comments
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No.
Poor value, high charges and no tax efficiency. Endowments are pretty much gone these days.
An ISA is the vehicle of choice. Cash deposit for the risk-averse and equity-based for the riskier approach with the chance of greater rewards.
Risk/reward needs to be tailored according to likely timescale for needing the capital too.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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