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FINANCIAL GLOSSARY
A
 

Advance - The amount of money you want to borrow. This is your loan advance.

APR (Annual Percentage Rate) - The total cost of a loan, including interest charges and product fees, shown as a percentage rate. The calculation assumes that you maintain the repayments for the full term. APR is an industry standard calculation and enables direct comparison of loans from all lenders.

Arrears - The term 'in arrears' is used to describe a loan or mortgage account owed by the borrower if he/she has failed to keep up the monthly repayments.

B
 

Balance Outstanding - The amount of loan owed at a particular time.

Bank of England Base Rate - The Bank of England set an interest rate each month known as the 'Base Rate'. Banks, Building Societies and finance companies use the Base Rate to set the interest rates they pay on deposits, or charge on debts.

Bridging Loan / Bridging Finance - A temporary loan advanced to help you buy a new property before you sell your existing one. We do not recommend that a secured homeowner loan is used for short-term bridging finance.

C
 

Charge - An interest in the ownership of a property; usually a mortgage or a second loan, which is secured against the property.

County Court Judgement (CCJ) - A decision reached in the County Court, which can relate to non-payment of debts. If you pay off the debt, the CCJ is satisfied and a note is put on your records to say this.

Credit Reference Agencies - Organisations licensed under the Consumer Credit Act 1974 to hold information about the credit history of individuals. Lenders refer to these agencies to assist in making decisions about your application.

Credit Scoring - The system many Lenders use to help them decide whether they can lend money to you. They'll ask a series of questions about you and your finances and score your answers. Your score will result in you being accepted or declined a loan.

D
 

Debt Consolidation - The process of combining outstanding debts e.g. loans, credit cards etc, into one loan. Many customers consolidate their existing debts with a secured homeowner loan.

Direct Debit - A Direct Debit is an instruction from a customer to their bank or building society to make regular payments direct from their account.

Disbursements - All the various costs for carrying out the legal work in relation to buying or remortgaging your home.

Discharge - Paying off a mortgage.

E
 

Early Repayment or Settlement Charge - A charge payable on some loans and mortgages if they are repaid early. The amount depends on the loan outstanding and its terms.

Equity - If your house is worth more than the mortgage on it, the difference is known as the 'equity'. So for example, if your outstanding mortgage is £50,000 and your home is worth £60,000, you have equity of £10,000.

Equity release - Equity release schemes give home owners a way to turn some of the value of their homes into cash. Either a lump sum, regular extra income, or sometimes both.

F
 

Freehold - Legal title that gives you absolute ownership of the land your property is on.

H
 

Homeowner - A homeowner is a person who owns their home with a mortgage and lives at the property. They are an owner occupier.

Homeowner Loan - A homeowner loan is also known as a secured loan.

I
 

IFA - Independent Financial Advisor.

Interest Rate - The percentage of your loan that a lender charges you each year for lending you money.

J
 

Joint Loan Agreement - A loan where there is more than one named individual responsible for the contract.

L
 

Loan to Value (LTV) - The amount of mortgage expressed as a percentage of the property value. For example, if your mortgage amount was £80,000 and your property is valued at £100,000 your loan to value, or LTV, is 80%.

M
 

Mortgage Term - The amount of time that a mortgage is taken out and has to be repaid within.

N
 

Negative Equity - When the value of the mortgage, which is outstanding on the property, is more than the market value of the property.

Q
 

Quotation - A document with complete details itemising costs and fees which are involved when taking out a loan.

R
 

Remortgage - The process of moving your mortgage without moving home. You take a new mortgage with a different lender to pay off your old mortgage.

S
 

Secured Loan - A secured loan is underpinned by your property (includes assets such as Title Deeds to your house, life policies, etc). If you don't repay your mortgage or other secured loan, the lender has the right to sell these assets. A secured loan is sometimes also called a homeowner loan.

Self Certification - The borrower makes a statement of their income and the lender makes fewer checks on the accuracy of the statement.

Solicitor - Legal expert handling all documentation for the sale and purchase of a property.

Subject to Contract - Words to indicate that an agreement is not yet legally binding.

T
 

Tenants - People living in a property on a non-ownership basis. Secured loans are not available to tenants.

Title - The record of ownership of a property, the evidence of which is found in the title deeds.

Total Amount Payable - The total cost of repaying a loan or mortgage.

Transfer of Equity - Adding or removing a party to/from a mortgage or other secured loan.

U
 

Unsecured Loan - A loan provided to a borrower without them having to provide any security such as a charge over their house. Because the risk to the lender of not getting their money back is higher for unsecured loans than for secured loans, the interest rate charged is often higher. Unsecured loans are also sometimes referred to as personal loans.

V
 

Valuation - In most instances this is the figure that a surveyor will come to regarding the price of a property. This is done to ensure that the property is worth the amount requested for a mortgage

Variable Interest Rate - Rate of interest payment that fluctuates over time with general interest rates.

W

Writeback arrears - The agreed re-structure of a customer's account where contractual payments have not been maintained.

LOANS MAY BE SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.