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Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:

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Endowment

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A type of life insurance that used to be very commonly sold with mortgages that would result in a tax free lump sum being delivered at the end of the mortgage term. Theoretically, the value of the lump sum should be enough to pay off the capital remaining on the mortgage and leave the borrower with some extra cash. As many endowment mortgage policies have failed to deliver, this type of mortgage has become increasingly unpopular.

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