Definition of endowment mortgage in English:

endowment mortgage

noun

British
  • A mortgage linked to an endowment insurance policy which is intended to repay the capital sum on maturity.

    • ‘Homeowners with an endowment mortgage who think their policy was mis-sold are being urged to complain - before it is too late, writes David Budworth.’
    • ‘The endowment mortgage became popular because it was the most efficient way to borrow.’
    • ‘For the first time buyer this choice will be between an annuity mortgage and an endowment mortgage.’
    • ‘In an endowment mortgage, a mortgage loan is combined with a separate savings scheme.’
    • ‘Mortgage advisers got paid much more commission if they sold an endowment mortgage rather than suggesting a repayment mortgage.’
    • ‘Investors who bought an endowment mortgage and are unhappy with its performance due to poor stock markets may consider switching to an ordinary repayment mortgage.’
    • ‘So if you have an endowment mortgage that could leave you facing a shortfall on the purchase price of your home by the time your policy matures, what should you do?’
    • ‘When the housing market peaked in 1988, when 2.3 million people bought a home, virtually every sale was backed by a with-profits endowment mortgage.’
    • ‘So what action should you take if you have an endowment mortgage that may well fall short of the amount required to pay off the loan on your home?’

Pronunciation

endowment mortgage