An endowments mortgage is like an interest only mortgage however is a combination of savings, investment and life assurance all wrapped up in an insurance policy. The life assurance bit merely ensures that the mortgage is automatically paid off if you suddenly drop dead.

Endowments have had a lot of bad publicity as a lot of people's endowment has fallen short when they have matured due to interest rate rises and the markets not performing as expected. When interest rates rise your payments should also rise however the policy providers did not pass this increase on resulting that your endowment will not cover your mortgage. Due to the growing unpopularity fewer mortgage lenders have stopped offering this type of policy.

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