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Poor Returns From Endowment Policies
11/03/2011
It has been recently reported that endowment policy payouts have fallen by 75% since the late 80s and early 90s, an era when the majority of these mortgages were sold. Many of these policies had to pay out £100,000 to homeowners who saved £50 per month for 25 years throughout the 1990s, whereas nowadays this payout sum can be as little as £20,000.
This drop has forced homeowners to pay more money into their mortgages each month or else continue working past their anticipated retirement date.
Given that the vast majority of endowment policies were taken up in the late 80s early 90s, they are coming into maturity now.
Homebuyers at the time of the sale were promised that their mortgages would be repaid and that they'd receive a tax-free lump sum on top. This is no longer the case.
Homeowners aged over 55 years who are concerned about the level of their maturing endowment policies and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice
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