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Endowment Mortgage Quote
Home loans can also be termed as mortgage loans where the property is mortgaged towards obtaining the loan. In order to protect the mortgage loans and make payment if the policy holder dies before paying the entire loan amount, mortgage protection insurance are introduced by the insurance company. Endowment mortgage is one such mortgage insurance, which is most prevalent in the United Kingdom.
What is endowment mortgage quote
Endowment mortgage quote refers to the quotation on mortgage insurance where the home loan or mortgage loan is repaid by any of the endowment policy held by the mortgage lender. Endowment mortgage and endowment mortgage quote is not a legal term and is commonly used among the mortgage lenders of the United Kingdom who are assured with the repayment of mortgage loan through endowment insurance. Endowment mortgage quote deals with two different mutual agreement, the agreement between the insurance company and policy holder and the policy holder, i.e the borrower and mortgage lender. Endowment cover is obtained by the mortgage lender towards additional security for the amount borrowed. In simple terms endowment mortgage quote refer to assigning the benefits of the endowment cover to the third party, i.e lender upon mutual agreement from the insurance provider. Under the endowment mortgage quote, the quotation involves the details about the mortgage loan, lender and borrower, percentage of interest charged on the mortgage loan, value of endowment cover, etc. Endowment mortgage quote benefits both the lender and the borrower, where the former is benefitted with additional security on mortgage loan and the later with paying only the interest part of the mortgage loan.
Alternatives to endowment mortgage quote
In reality, there is no other kind of alternative available with the features or advanced features of endowment mortgage quote. The mortgage payments are only protected by the endowment mortgage insurance. However, the policy holder can choose to obtain additional benefits by adding other covers like critical illness, life cover, etc.
Major benefits of endowment mortgage quote
Endowment mortgage quote benefits the lender in terms of monetary payments where the lender is entitled to pay only the interest amount of the mortgage loan, which enables him to save a huge sum of money on principal payment. On the other hand, the mortgage lender also benefitted with assured repayment on the loan with secured endowment mortgage.
Major drawback of endowment mortgage quote
Endowment mortgage quote is not an officially declared mortgage protection plan, which is a major drawback of the cover. Most of the endowment policies are repaid as a lump-sum amount with additional bonus or profits, where the policy holders who have assigned their endowment policy as endowment mortgage cover, may not enjoy the higher returns, which is considerably a big sum of money than paying the actual repayment of loan.
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If you don't find the best value endowment life insurance quote now, over the lifetime of the policy this will cost you £1000's. Unlike other comparison sites we only provide quotes for Endowment Insurance which means you can speak to experts as well as getting great prices. Complete our form and find out your lowest quote.