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IFAs selling endowments despite warning

IFAs are still promoting endowment mortgages even though the Government has warned they should only be sold in exceptional circumstances, according to the Guardian.


Major mortgage companies have been advising first-time homebuyers endowments are more flexible and portable than repayment mortgages, according to its research.


The Association of British Insurers believes charges on 75 per cent of endowment plans are too high to be suitable for homebuyers.


Commission earned by IFAs for sales of endowment mortgages can be seven times higher than that offered for repayment mortgages.



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