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Unregistered said:I am looking at a savings plan/investment type mortgage where part of the monthly repayment is paying off interest and the other part is savings that are invested-earning interest-that is then saved and at the end of the term used to pay off the loan.
Not sure if this is a good idea or not. Is there a problem with not buying equity in the property as I go along?
Is this like an interest only mortgage?
What is this type of mortgage actually called?
Does anyone out there know the pros and cons of this type of mortgage? Or perhaps have one of these? I am attracted to it because the monthly repayments are less. Is there a catch somewhere?
Munsterdude said:It might not be a endowment mortgage. It could be a pension mortgage, which is a totally different thing. Pension mortages are a great way of saving money if you are either self employed or are a director in a company. Only applies to property investment though, not PDH's
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