ENDOWMENT MORTGAGE QUOTE

We operate a comprehensive database of lenders for home loan products and we can obtain an extremely competitive endowment mortgage quote for you no matter what your personal circumstances or previous financial history. Whether or not you are self employed, have CCJ�s, defaults, have been bankrupt or the subject of an IVA we can still arrange finance at reasonable interest rates through one of our panel members. If you use our 24/7 quoteline or complete our contact form we will speak to you on the telephone to obtain detailed information which will enable us to search our database for the best product available to satisfy your needs. We will then submit an application on your behalf and will advise you upon confirmation of your offer including interest rates, repayment periods and the lenders terms and conditions.

The interest rates charged on personal borrowings usually reflect the risk factor perceived by the lender that attaches to the borrower as a result of the borrowers previous financial transaction record. An endowment mortgage quote for those with a clear history will show rates that are extremely favourable and substantially less than unsecured bank borrowing. Those with a poor credit record will be charged at only slightly higher rates as the loan is used to purchase property and is secured on that property thereby ensuring that the lender is at minimal risk of not being re-paid.

There are two major credit checking and reference agencies in the UK being Experian and Equifax both of whom keep detailed financial records and credit histories of almost everyone in the UK. Both organisations provide consumers, businesses and the public sector with information and analysis to help them make important financial decisions. Almost all lenders are members of these organisations and have access to their records. Members of the public can access their own credit record and can make representations if the credit history is in error. Probably the best record to have with these agencies is one of regular borrowing and satisfactory repayment indeed those who have never borrowed will have little history upon which lenders can accurately base an endowment mortgage quote.

This type of borrowing which is secured on property differs from straight repayment loans in that the capital sum borrowed is not repaid until the very end of the term by use of a matured insurance policy. There are three elements to an endowment mortgage quote being the total amount borrowed, which remains outstanding throughout the term, the cost of the monthly interest payments on the total amount outstanding which may vary according to prevailing interest rates and the cost of the premiums on the policy of insurance which will, at the policy maturity date, be used to pay off the amount of the initial borrowing.

Interest rates charged on the capital sum can be at a fixed rate throughout the term of the borrowing which does give certainty and security as to the amount of the monthly repayments however whilst borrowing on a fixed rate can protect from unexpected interest rate increases it also means that the borrower does not get the benefit of falls in interest rates. Variable rate borrowing means that interest rates fluctuate with the lenders own rates which are usually tied in to the Bank of England�s interest rates which are determined by the state of the National economy at any point in time.