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JARGON BUSTER

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Endowment Mortgage

Repayments consist of a portion to cover the interest on the loan and also a portion that pays into an endowment policy with a Life Assurance company. The intention is that at the end of the term of the loan the proceeds of the life assurance policy will be sufficient to clear the principal amount borrowed with a possible tax-free surplus.

Equity

This is the difference between what the property is worth and the amount owed on the mortgage.

Equity Release

This is when you increase your mortgage amount to release positive equity.

WARNING: Purchasing this product may negatively impact on your ability to fund future needs.



WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY LOANS SECURED ON IT.