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Pru reveals fall in mortgage endowment payouts
Mon, 01 Mar 2010
Prudential has revealed that the value of its maturing with-profits mortgage endowment policies has fallen again, BBC News reports.

The reduced payouts at the Pru mirror similar reductions at other insurance companies such as Aviva and Legal and General .

However, Prudential also announced that the underlying with-profits fund which supports its endowment policies rose in value by nearly 16 per cent in the last 12 months.

Laith Khalif, a pensions analyst at Hargreaves Lansdown, explained that Prudential is a "strong fund" and is, therefore, an "exception" in the UK mortgage market.

"Most other funds don't return anything like this," he told BBC News.

Meanwhile, a personal finance expert recently claimed that "times are definitely getting better" for mortgage borrowers .

Christina Jordan of lovemoney.com said that increased competition in the UK mortgage market has created price cuts.

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