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12 September 2010

Is it possible to use an Endowment Policy as security for a loan

I've tried to get a loan in order to consolidate my debts of £15000 but have been turned down due to affordability. Because my name is on a joint mortgage I have to put that down in outgoings despite not having to contribute to it, so I can afford what I am asking for, but my bank can't see past that. My credit score is 999 and excellent (why I bothered paying for it I don't know) In two years I have an endowment policy maturing (not related to current mortgage), I don't want to surrender it early and it is worth at least 4 times what I am asking for. Do any company's offer loans secured against this sort of collateral and if they do are there any pitfalls to watch out for?

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