BoldonLad
Old man on a bike. Not a member of a clique.
- Location
- South Tyneside
Back then estate agents were unregulated and it was often necessary to go through the mortgage agent they worked with to ensure a purchase. That's how we ended up with an endowment. We later got the lender to convert it to repayment and put us back in the position we would have been if it was that from the outset.
Interest only mortgages were also heavily pushed at one time. Not sure how they panned out for users.
Contrary to my advice, son No1 did an interest only mortgage. He paid it off during the Gordon Brown years, using inspired/lucky* stock market deals.
* delete as appropriate