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APR-
Annual Percentage Rate- Total amount of interest charged on a loan
or mortgage. |
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ARRANGEMENT
FEE- The amount payable to a mortgage lender charged on a loan or
mortgage. |
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ASU-
ACCIDENT, SICKNESS OR UNEMPLOYMENT- An insurance taken to cover your
mortgage payments. |
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ANNUITY-
When a life insurance company makes regular payments to you for the rest
of your life, in exchange for a cash lump sum or your accumulated
pension fund |
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b |
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BANKERS
DRAFT- A guaranteed payment arranged through a bank. |
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BLUE
CHIP STOCK - Shares in a large company listed on the FTSE 100 |
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BOOKING
FEE- Administrative fee charged by the lender on application. |
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BUILDINGS
INSURANCE- Cover taken out to cover the costs of rebuilding or
making structure repairs to the building. |
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BUY TO
LET- type of property that is taken out to buy a property that will
be rented out to others |
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C |
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CAPITAL
AND INTEREST MORTGAGE-(Repayment Mortgage) |
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CAPPED
RATE MORTGAGE- A variable rate mortgage where interest rates may
fluctuate. But can never go higher than the maximum (capped) rate. |
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CASH
BACK- An amount paid back to you when you take out a loan or
mortgage, either a fixed sum or a percentage of the total amount |
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CCJ
(County Court Judgment)- A court order taken out against a borrower
who has defaulted on credit payments. |
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COMPLETION-When
the sale and process of a property has been finalized and the ownership
of the house is transferred to the buyer. |
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CONCLUSION
OF MISSIVES- (Term in Scotland), meaning a type of exchange of
contracts. |
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CONTENTS
INSURANCE- Covers the value of possessions and items in the event of
a fire or theft. |
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CONTRACTS-
Legal contract between the buyer and the owner (vender) of a
property. |
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CONVEYANCING-
The legal process concerning the sale of a property. |
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CREDIT
SCORE- An assessment made by the lender to evaluate the level of
risk you pose as a borrower |
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CREDIT
SEARCH- A search carried out by a credit reference agency to check
your credit record, whether you have a CCJ, a history of not paying
loans or defaulting and not paying credit cards on time. |
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CRITICAL
ILLNESS COVER- An illness, where a lump sum is paid out if you are
diagnosed with a critical illness. |
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