woggle Posted August 7, 2010 Share Posted August 7, 2010 Has anyone still got one?. I'm thinking of buying a second house to rent out, just wondered if anyone still had an endowment mortgage. Link to comment Share on other sites More sharing options...
boyfriday Posted August 7, 2010 Share Posted August 7, 2010 Has anyone still got one?. I'm thinking of buying a second house to rent out, just wondered if anyone still had an endowment mortgage. I'm sure there are many who have held onto the old 'with profits' style contract as much of the bonuses are applied on maturity. Personally I wouldn't have one now, as there are other more tax efficient savings vehicles you could use, like ISAs Link to comment Share on other sites More sharing options...
medusa Posted August 7, 2010 Share Posted August 7, 2010 I wouldn't get a new one, but my old one isn't doing that badly and with only a few years to go until the end of my mortgage I'm not prepared to start messing about with it and am just paying extra in to the interest portion to compensate for the short fall when it matures. I wouldn't take another one out, but I had this one old enough ago that I don't really want to junk this one now- it had lots of profits from the first few years it was running. Link to comment Share on other sites More sharing options...
woggle Posted August 7, 2010 Author Share Posted August 7, 2010 No Boyfriday I want to put it into property but dont want a hugh repayment every month if the property is empty, Im just toying with it at the moment Link to comment Share on other sites More sharing options...
boyfriday Posted August 7, 2010 Share Posted August 7, 2010 No Boyfriday I want to put it into property but dont want a hugh repayment every month if the property is empty, Im just toying with it at the moment Ok, so I think you're really wanting an interest only mortgage? You don't necessarily need any repayment vehicle but have to be aware that the capital will be repaid when you sell the property. Link to comment Share on other sites More sharing options...
1960boy Posted August 7, 2010 Share Posted August 7, 2010 I've still got one, like medusa, mine will have a shortfall in a few years. I'm not sure you can still get them anymore. Link to comment Share on other sites More sharing options...
esme Posted August 7, 2010 Share Posted August 7, 2010 same here, it's so close to finishing it's not worth doing anything about, and yep I'm probably looking at a shortfall Link to comment Share on other sites More sharing options...
andyofborg Posted August 7, 2010 Share Posted August 7, 2010 Has anyone still got one?. I'm thinking of buying a second house to rent out, just wondered if anyone still had an endowment mortgage. your wanting to run a business not buy a home, so you need a "buy to let" mortgage of some sort. most ordinary mortgages prohibit this sort of activity unless you get explicit permission from the lender, who may insist you convert to a buy to let mortgage or increase your premiums. Link to comment Share on other sites More sharing options...
Bonzo77 Posted August 7, 2010 Share Posted August 7, 2010 Has anyone still got one?. I'm thinking of buying a second house to rent out, just wondered if anyone still had an endowment mortgage. Not many banks do them any more Link to comment Share on other sites More sharing options...
erebus Posted August 8, 2010 Share Posted August 8, 2010 They were just another con, created by the banks to scam the innocent. Arn't they brilliant, and even the people so far with their shortfalls have discovered that the endowment side, where they saved to pay it off was designed to reap more for the banks. It has been exposed as a scam, and many have had compensation. Hear the new scam, borrow money free from the tax payer, and then loan it to the government at interest, so the government have to tax the people to pay the interest on the loan the banks got for free to begin with. One has to admire the cheek of it. Link to comment Share on other sites More sharing options...
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