Entry from British & World English dictionary
A mortgage linked to an endowment insurance policy which is intended to repay the capital sum on maturity.
- 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.
- 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.
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