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What should I do if I have an endowment mortgage shortfall?

If you have an endowment mortgage, it was likely arranged so that you could enjoy the benefits of an interest-only mortgage (lower monthly repayments). Plus, protected by the security of an endowment insurance policy designed to cover the capital repayment costs at the end of your mortgage term.

As some people have found to their cost, the risk in any such endowment mortgage is the performance of the endowment policy and whether the eventual payout covers the capital repayment on the mortgage. If it does not, you have a potential endowment shortfall.

From time to time, the endowment shortfall arises not simply because of underperformance but mismanagement by the insurance company – as a story in the Daily Record on the 12th of January 2020 went to show.

How do endowment mortgages work?

Endowment mortgages were widely popular throughout the 1980s and ‘90s. They promised the benefits of a relatively cheap interest-only mortgage backed-up by an…

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What is an Islamic mortgage, and how does it work?

Unless you are from a Muslim background or faith, you might easily dismiss an Islamic mortgage as being too specialist for you. You probably regard such a mortgage as one reserved for those who profess a particular faith – with the religious connotations somehow tied up in terms of the mortgage.

In fact, Islamic finance products in the UK are treated in the same way as all others – they are subject to the same regulations and legislation as any other mortgage product and mortgage lender pointed out a paper in Lexology on the 1st of October 2019.

Indeed, the UK government has positively encouraged the growth of Islamic finance for at least the past 30 years’, according to an official paper entitled UK Excellence in Islamic Finance. In the past ten years’ or so it has consciously developed a fiscal and regulatory framework to reflect that fact.

What is a Sharia-compliant mortgage?

An Islamic mortgage is one that's compliant with Sharia law. Th…

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Mortgages for people aged 60 and over

As you get older, it becomes increasingly more challenging to get a mortgage.

From the mortgage lender’s point of view, the reasoning may be understandable. Mortgages are designed to be repayable over many years’ – 20, 25 or even 30 years, let’s say. For anyone taking on a mortgage when they are aged 60 or over, therefore, they are likely to be well over 80 years old before the mortgage reaches full term.

Along with all the usual calculations based on your current income, expenditure, credit record, and loan to value (LTV) ratios, therefore, any lender may also need to start looking at your income during retirement when determining the affordability of any loan – in other words, what your pension is likely to be worth and the affordability of the mortgage repayments.

Against those difficulties and the natural wariness of mortgage lenders, however, it must also be recognised that the population is ageing and that we are all living longer lives. …

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