Mortgage Deals Guide E
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Early repayment charge
If you repay (redeem) your mortgage at any time prior to the end of the mortgage term you may have to pay certain fees or an interest penalty (redemption penalty). If the mortgage is repayed in the early years there may be a heftier penalty, a product penalty. An extended redemption tie-in means that this penalty will continue to be payable beyond the initial term of the mortgage.
Endowment
An endowment policy is a savings policy which provides life assurance cover for a policyholder. The policy exists for an agreed term, the minimum term usually being 10 years. A cash sum is paid out at the end of the policy term (on maturity), or in the event of the earlier death of a policyholder, either a predetermined sum (in the event of death) or an agreed capital sum on maturity.
Equities
Company stocks and shares.
Equity Release
This is the process in which a new larger mortgage or an existing mortgage is increased to release some extra funds.
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Your home may be repossessed if you do not keep up repayments on your mortgage or other debt secured against it. You may have to pay an early repayment charge to your existing lender if you remortgage. The overall cost for comparison is 8.9% APR the actual cost will depend upon your circumstances.
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