Households across the UK are facing a shortfall of £16bn due to the lack of growth on the endowment part of their mortgage, says research published today.
The research, Mortgage Endowments – shortfalls and consumer action commissioned by the Financial Services Authority (FSA) reveals there are around 2.7 million households in the UK with an endowment linked mortgage, representing 11% of all households in Britain. Of this, it says, 42% are facing shortfall of over £5000, with the majority of households facing a shortfall of £7,200, representing a total of £16bn. Most households (79%) facing a shortfall are deeply concerned about their situation according o the research. Concerns expressed range from the potential financial impact a sho...
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