Definitions for "Pension Mortgage"
This resembles an Endowment mortgage but the saving scheme is a pension. It has various tax benefits but there are restrictions on total contributions and the borrower's age at the end of the term.
This is a mortgage which will be repaid out of the lump sum from a pension policy or retirement annuity.
An interest-only mortgage where the capital is intended to be repaid from the tax-free cash sum that can be received from the pension fund at maturity.