endowment mortgage

British  

noun

1. an arrangement whereby a person takes out a mortgage and pays the capital repayment instalments into a life assurance policy and only the interest to the mortgagee during the term of the policy. The loan is repaid by the policy either when it matures or on the prior death of the policyholder

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Example Sentences

So as a "mature" student with a full grant and a fashionable endowment mortgage, compared to the average 25-year-old today, I was living the dream.

From The Guardian

It doesn't work all the time; sometimes the subjects are simply too complex, as when Mary Warnock introduced us to Romulus and Remus and I was reminded of the first time somebody tried to explain to me how an endowment mortgage worked.

From The Guardian

That is because she was sold an endowment mortgage - a monthly savings plan, usually invested in shares and property, which was designed to pay off the home loan at the end of the term.

From BBC

"The results today show that PPI is on course to become the biggest consumer financial scandal of all time, exceeding pensions mis-selling and the endowment mortgage scandal."

From BBC

If you are considering scrapping your with-profits policy because it no longer meets the need for which you first took it out, have you made provisions such as changing your interest-only-plus- endowment mortgage into a repayment one, or increasing contributions if your pension income looks as if it will fall short at retirement?

From The Guardian