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English definition of “endowment mortgage”

endowment mortgage

noun [C]
 
 
UK PROPERTY, BANKING
a mortgage (= a loan to buy a house) on which you pay only the interest, and also have an endowment (= insurance policy) that is intended to provide the money to pay back the mortgage in the future: You are not entitled to assistance on any capital payments, i.e. to pay the premiums on an endowment mortgage.
→ Compare repayment mortgage
(Definition of endowment mortgage from the Cambridge Business English Dictionary © Cambridge University Press)
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