ISA mortgage

A mortgage in which the borrower repays only the interest on the loan to the lender, but at the same time puts regular sums into an Individual Savings Account (ISA). When the ISA matures it is used to repay the capital. An ISA mortgage is similar to an endowment mortgage, except that it does not provide any life-assurance cover and that ISA funds are untaxed.

Accounting dictionary. 2014.

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