Endowment Mortgages - Homebuying : The Complete Guide - Remortgages, Buy to Let, UK mortgages calculator & rates

This is a mortgage where you pay only the interest to the lender and you use an endowment policy to repay the capital as a lump sum at the end of the mortgage.

Your monthly mortgage payments are lower because you are only paying off the interest but you also pay money on a monthly basis into an endowment policy in order to pay off the capital.

The endowment policy pays a lump sum either at the end of the mortgage term, or if you die, during the mortgage term. The lump sum repays some, if not all, of your mortgage if the endowment policy has performed well. Remember, though, this can not be guaranteed and you may be left with a shortfall left to pay.

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