Various Type of Mortgage
It is important to note that there is no guarantee that all life assurance policies will clear the principal amount owing at the end of the term of the loan. With an endowment mortgage it is advised that you contact your life assurance company from time to time to monitor its performance throughout the term of the loan. The policy is very flexible and can be maintained if you move house or change mortgage provider.
Endowments can include some kind of life and critical illness cover, and can be cheaper than buying such cover separately. If the underlying investments perform well, you may get more than is needed to pay off the loan. If the stock market is under performing your policy may not make enough money to cover the loan at the end of the term. In order to ensure that the mortgage loan is repaid in full at the end of the agreed term you must ensure that the amount you pay into the policy is sufficient to ensure a return on your investment that will cover the remainder of the loan. Pension Mortgage This type of mortgage is usually offered to individuals who are self-employed.
You make monthly repayments of interest on the loan to the lender. Additionally, you make contributions to a personal pension, which will provide a tax-free lump sum and taxed regular income upon retirement. Most, if not all, of the lump sum is used to clear your mortgage loan at that date.
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