There are mortgages and there are mortgages. If you want to buy a house, it is likely that you will be flooded with offers from all kinds of finance companies and loan providers as they try to win you over. Each loan provider will advertise to you, the best possible loans that they have on offer. If you are looking for cheap mortgages, just relax. Most loan providers have an array of loans and mortgages to suit the house buyer on a budget.
These days it is hardly possible to fund all our necessities directly from our savings. Loan providers understand that and are willing to provide you with the ideal mortgage offer. Over the years we have seen various developments in the world of personal and housing finance. One popular development that had emerged some time ago in the United Kingdom was the endowment mortgage.
Although endowment mortgages are relatively unpopular now, there was a time when people thought it was a great bargain. Endowment mortgages allowed people to pay only the loan amount every month. How would this benefit the mortgage company? When taking out an endowment mortgage, the borrower was required to take out a life assurance policy for the period...