Endowment mortgage loans are one of the most controversial types of loans, and have received good and bad press in equal measure. If you are looking for a mortgage loan, then you should look at an endowment mortgage loan as one option. Despite these loans being quite popular, they can be complex to understand. If you want to know more about the benefits and pitfalls of an endowment loan, then here are some useful tips to help you.
What are endowment loans?
Endowment loans are a type of mortgage that comprises of two parts. The first part is an interest-only mortgage loan that works like any other mortgage of this type. However, combined with this is an endowment policy that you set up and mature in order to pay off the mortgage at the end of the loan term. The policy is set up to grow enough to pay off the amount you borrow.
Benefits of an endowment loan
The major advantage of an endowment loan is that you have very low monthly payments, like you would have for an interest-only loan. However, there is an added bonus in that you are investing in a savings policy that will pay off your mortgage loan. This means you are saving on your monthly payments...
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