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| Glossary of financial
terminology: |
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We hope you find our glossary of
terms useful.
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Accident Sickness & Unemployment
(ASU)
A protection product that is designed
to protect you in the event of an accident,
sickness or unemployment. It will pay out
a fixed amount each month (normally your
mortgage payment plus an extra 25% to cover
other debts/bills) for a set period of time
(normally 12 to 24 months). It will not
cover for voluntary redundancy or dismissal
due to misconduct, or if injuries are self
inflicted.
Added to Loan
As part of your mortgage there
are many fees involved for example, arrangement
fees, higher lending charges, booking fees,
etc. At times these fees can be added to
the loan and form part of the loan.
Additional Income
Income that is in addition to [basic
income].
Administration Charge
The fee charged by Charles Conran
Financial Services to pay for administration
of a mortgage application and is normally
only payable once the mortgage has completed.
Advance
The amount of money that is forwarded
from the mortgage lender to the solicitor.
Adverse Credit
The term often given to reflect
an applicant or application that has had
previous problems with credit for example
late payments, defaults, bankruptcy, county
court judgements, mortgage arrears, etc.
Affordability
Some [lenders] are no longer basing
the decision on how much to lend an [applicant]
purely on a set [income multiple] but they
are looking at all aspects of the clients
financial situation to determine how much
they are willing to lend somebody, for example
they will looking at salary, bonuses, [income],
[outgoings], credit score etc.
Agreement in Principle (AIP) (also
known as Decision in Principle)
This is an agreement from a mortgage
lender given to an [applicant] showing whether
they are willing to offer an [applicant]
a [mortgage] or not
Annual Percentage Rate (APR)
APR is a figure that is used to
compare different rates not only does it
take into account the interest rate paid
over the term of the mortgage but also other
fees such as booking fees, arrangement fees,
redemption costs, solicitors fees, etc.
Legally it must appear on all illustrations
and quotes.
Applicant
Person applying for a mortgage
or other product.
Application
The process of applying for a mortgage
or other product.
Application Form
A form used to record relevant
details about an applicant including personal
and financial details.
Appraised Value
The estimated value given to a
property by a surveyor
Appreciation
The increase in value of a property
(or other object) due to changes in market
conditions
Arrears
The amount that a repayment has
fallen behind schedule, this is often measured
in months or monetary value.
Assignment
The transfer of an asset, or mortgage
from one owner to another.
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Balance
The amount left to pay on a debt.
Bankrupt
When a person or company has its
assets assigned to a court-appointed trustee
who in turn redistributes the assets to
the persons or companies [creditors].
Base Rate
The rate of interest that is set
by the Bank of England. (This is reviewed
on a monthly basis and can go up, down,
or remain the same)
Basic Income
Basic Salary paid by a company
before any tax deductions and not including
any bonuses, overtime, commission or other
benefits.
Beneficiary
The person named to receive proceeds
or benefits
Booking Fee
A fee charged by a mortgage lender
often to guarantee a rate or to guarantee
funds for a particular product.
Breach
An infraction or violation of a
legal obligation
Bridging Loan
A short-term secured loan which
is often used to cover or bridge the gap
between the purchase of one property and
the sale of another. The rates of interest
charged are often high, hence why this is
a short term and not a long term solution
to any gaps.
Broker
A person that acts as middleman
between two parties.
Building Society
A mutual society whose principal
purpose is to supply mortgages and savings
accounts.
Buildings Insurance
An insurance policy to protect
a building and is designed to pay for any
costs that occur through damage or destruction
to a building. Most mortgage lenders will
insist that buildings insurance is in place
by exchange of contracts it will be a condition
of the mortgage that it is in place.
Buy to Let
A mortgage that is taken out by an applicant(s)
when the property to be purchased will be
rented out to a third party.
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Cap
The maximum rate of interest that can be
charged in a certain period
Capital
The amount of money available to an individual,
often used in the context of how much money
available as a deposit.
Capital & Interest Mortgage
A mortgage whereby the borrower repays
both the capital and the interest of the
mortgage through their monthly payments.
This is often called a repayment mortgage.
Capped Rate
A mortgage that sets a maximum rate of
interest that a lender can charge for a
certain period of time.
Cash Back
An amount of money paid to a borrower by
the lender it is often an incentive used
by the lender and is usually paid on commencement
of the mortgage to help towards fees and
other costs.
Collar
The minimum rate of interest that can be
charged in a certain period
Collateral
An asset that is used to guarantee the
repayment of a loan. In the case of a mortgage
this is the property on which the mortgage
is secured. If the borrower fails to repay
the loan according to the terms of the loan
then the asset may be seized by the lender.
Commitments
Payments that an individual is contracted
to pay e.g. mortgage payment, maintenance
payments, loan payments, etc.
Communal Areas
Areas that more than one resident has access
to e.g. gardens, halls, etc.
Completion
The day on which the purchasers solicitor
allocates the purchase funds accordingly,
they will pay the purchase price to the
vendors solicitor and pay other associated
costs like stamp duty. It is the day that
the purchaser becomes the legal owner of
the property.
Compulsory Insurance
Insurances that the lender requires a borrower
to have in place as a condition of the mortgage,
the most common one being buildings insurance.
Conditional Insurance
An insurance policy that is required to
be taken out with the lender.
Contents Insurance
Insurance that covers the possessions in
your home, i.e. electrical goods, furniture,
etc.
Contract
A legally binding agreement between two
or more people or parties.
Converted Flat
A property often a flat, maisonette, or
apartment that has been formed from the
division of a larger property.
Conveyancing
The legal procedure in which the ownership
of a property is transferred from one owner
to another.
County Court Judgement (CCJ)
A county court or higher court rules a
bad debt. This is registered and will show
up on any credit search and may affect your
ability to obtain credit.
Credit
An agreement to borrow (often monetary)
and pay back at a later date or over a certain
period of time.
Credit Check
The procedure carried out by a lender which
looks at an applicant’s credit history
often with a dedicated credit agency.
Credit History
A history of an persons past and current
credit commitments showing how a persons
account has been kept up to date with these
credit commitments. It will also show past
adverse credit.
Credit Reference Agency
An organisation that collects and holds
information on a persons credit history.
Lenders will normally approach one or more
of these agencies to obtain details on an
applicant’s credit history.
Credit Report
A report compiled by a credit referencing
agency which outlines an individuals credit
history. This report can be obtained by
an individual who wishes to find out their
credit history. The two main agencies that
lenders use are [Experian] (link to www.experian.co.uk)
and [Equifax] (link to www.equifax.co.uk).
Credit Score
An assessment carried out by a lender to
assess the likelihood that an applicant
will keep up the repayments on a loan. The
lender looks at an applicants credit history
and other aspects relating to the applicant
(e.g. income, voters roll registration,
etc) and gives that applicant a score, based
on that score they agree to lend or not
or whether to restrict the loan amount in
any way.
Critical Illness Cover
An insurance policy that is designed to
pay out in the event of the diagnosis of
a critical illness, the definition of a
critical illness can vary from one provider
to another (although most providers offer
a similar definition), a list of illnesses
will be shown in the Key Facts Document.
Current Account Mortgage
An account whereby the borrowers mortgage
account and current account are one single
account. This mortgage will allow the borrower
to make overpayments and underpayments.
It allows the borrower to manage their mortgage
and current account as one single account.
Very similar to having a bank account but
with a rather large overdraft!
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Daily Interest
Interest on a debt or savings are calculated
on a daily basis, i.e. interest on the balance
on a certain day has interest calculated
on that balance. Other types of interest
calculations are monthly and yearly.
Debt
An amount owed by an individual or party
to another.
Debt Consolidation
A procedure whereby a number of different
loans held by an individual or party are
collected together into one single loan.
Debt Recovering
The procedure by which unpaid debts are
obtained by a creditor or third party company
from a Debtor.
Deck Access
Refers to the access to flats by way of
a [communal] balcony.
Decreasing Term Assurance
An insurance policy that pays out a lump
sum under the terms of the policy (typically
on death of a policy holder) during the
term of the policy. Decreasing term refers
to the fact that the benefit decreases throughout
the term. It is often set up to protect
a capital & interest mortgage.
Deed
A signed legal document that shows your
ownership of a property, usually held by
the mortgage company or solicitor until
the mortgage on a property is fully repaid.
Deeds Release Fee
A fee charged by a lender to cover administration
involved in returning the deeds to your
solicitor, this is often charged when the
mortgage is fully repaid to the lender (including
re-mortgaging to a new lender).
Default
The failure to keep up the repayment of
a mortgage or other loan. This can be registered
on your Credit report and could affect your
ability to obtain a mortgage or other credit.
Deflation
When the value of an item (e.g. property)
goes down in value.
Dependent
A person that is financially reliant on
another, often a child.
Deposit
In relation to a property purchase the
deposit refers to the amount of a borrowers
own money used to purchase a property.
Depreciation
The decrease in value of an object due
to market conditions.
Disbursements
The expenses that are incurred relating
to the conveyancing process.
Discharge Fee
A fee charged by the lender on the repayment
of the mortgage to cover administrative
costs of the borrower leaving the lender.
Discharged Bankrupt
The time when a person who has been declared
Bankrupt has been relieved of this status
by a court of residual liability, this is
often after a certain number of years. At
this stage the person is able to apply for
credit again.
Discounted Rate
An interest rate that has received a discount
from a lenders standard variable rate this
is often for a certain period of time, after
this time the rate will revert to the standard
variable rate of the lender.
Draft Contracts
Document prepared by the vendors’
solicitor/conveyancer setting out the legal
terms under which both parties have agreed
the property will be sold. This is checked
by the purchasers’ solicitor/conveyancer
and altered if necessary.
Draw Down Facility
A borrower has the ability to increase
their mortgage debt or ‘draw down’
additional funds from their mortgage to
a certain level. E.g. a borrower may have
a mortgage balance of £100,000, but
the lender has given them a facility to
borrow up to £130,000. If the borrower
has a draw down facility then they will
be able to take or ‘draw down’
the extra £30,000 (or a proportion
of) at either any time or a specified time.
Drainage Search
Searches carried out by the solicitor/conveyancer
to ensure that there are no issues with
drainage. There will be a fee to the solicitor
for this which may form part of the disbursements.
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Early Redemption Penalty
A fee charged by the lender for paying
off the mortgage or part of the mortgage
before a predetermined date.
Encumbrance
Anything that has a legal claim over a
property and which affects the ownership
of that property often a mortgage.
Endowment
An investment product that a borrower pays
into over the course of a mortgage that
is designed to pay a lump sum which can
then be used to repay a mortgage debt. (it
also provides life cover of a certain amount).
Endowments can be used alongside an interest
only mortgage.
Environmental Searches
Searches carried out by the purchasers
solicitor/conveyancer to ensure that there
are no issues relating to the environment
around the property e.g. the property is
not build on contaminated land. There will
be a charge to the solicitor for this which
may form part of the disbursements.
Equity
The amount of money used as a deposit or
the difference between the property value
and the mortgage amount. Generally this
product is used for the older generation.
Equity Release
The process of releasing equity from a
property often through taking out a mortgage
on a property that is unencumbered.
Estate
The legal term referring the total of a
persons personal assets including property,
cash, possessions, etc. at the time of death.
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Family Income Benefit
Is an insurance policy which is designed
to pay out a tax free amount typically monthly
or quarterly throughout the term of the
policy in the event of death and/or critical
illness (depending on the policy). It is
designed to replace the income of the individual
that has deceased or suffered a critical
illness.
Fees Free Mortgage
A mortgage offered by a lender whereby
there are no fees to the applicant i.e.
they will not have to pay an arrangement
fee, booking fee, mortgage valuation fee
to start the mortgage in the case of a fees
free re-mortgage this will often extend
to no fees for legal costs.
Feudal (Scotland Only)
Refers to the ownership of both a property
and the land it stands on.
Financial Services Authority (FSA)
The independent body that has been given
the responsibility of regulating the financial
services industry. The Financial Services
Authority report to the Treasury.
First Charge
A legal right under which the owner of
the first charge has the right to decide
on what to do with a property if the borrower
fails to maintain the repayments i.e. the
mortgage lender will in most cases hold
the first charge on a property until the
mortgage is fully repaid.
First Time Buyer (FTB)
A person that is purchasing a property
for the first time. Most lenders define
a first time buyer as a person that has
not held a mortgage in the last 12 months.
Fixed Rate Mortgage
A type of mortgage where a rate of interest
is offered and is fixed for a certain period
of time, i.e. it will not change despite
in changes to the base rate. This mortgage
is often used by people who want stability.
Fixtures & Fittings
Items that are to be included in the sale
of the property e.g. carpets, wall lights,
curtains, etc.
Flexible Mortgage
A mortgage which allows the borrower to
make overpayments, underpayments and even
take payment holidays.
Freehold (England & Wales only)
Refers to the owner owning both the property
and the land it stands on.
Full Status
An application is classed as full status
when they have supplied information to the
lender referring to their financial situation
e.g. payslips, bank statements, P60’s,
etc.
Further Advance
When the lender makes available additional
funds (in the form of a new loan) to the
borrower which are included in the first
charge on the property.
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General Conditions
The lenders standard conditions, these
are set by the individual lender.
Geographical Restrictions
A lender may place a restriction on where
they are willing to offer mortgages based
on the location of the property.
Gross Income
The total income (often shown annually)
before any deductions are made e.g. taxes,
pension etc.
Ground Rent
The rent paid to the freeholder of a property
under a leasehold agreement.
Guaranteed Bonus/Overtime
Bonus’ and Overtime that are written
into your contract. For example annual bonuses
or overtime that is always available to
take.
Guarantor
A person (other than the borrowers) who
guarantees the mortgage repayments in the
event the borrower defaults. The guarantor
may be requested by the lender to guarantee
the entire mortgage or only a proportion.
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Higher Lender Fee
A fee charged by most lenders when the
Loan to value is above a certain level,
typically 90%. It is charged to insure against
any risk of the lender losing any money
if they need to repose the property and
sell at below the mortgage value. This used
to be called a Mortgage Indemnity Guarantee
(MIG)
Home Condition Report
Forms part of the Home Information Pack.
It will provide impartial and reliable information
on the condition and energy efficiency of
the property. It will be similar to the
current Homebuyers report.
Home Information Pack (HIP)
Will be introduced in England & Wales
from 2007. The pack is designed to give
purchasers all the information they normally
only receive after making an offer before.
The pack will include the following information.
- Terms of sale
- Evidence of Title
- Standard searches
- Planning consents and building control
certificates
- Property information and fixtures and
fittings forms
- Copies of guarantees and warranties
- Draft contract
- Home Condition Report
Homebuyer’s report
See Valuation/Survey
Types
Household Insurance
A policy that protects against loss or
damage caused by fire, some natural disasters
and vandalism.
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Illustration
A quotation supplied to a potential borrower
showing the costs associated with taking
out a mortgage through a certain provider
including monthly repayments.
Income
The amount of money an individual earns.
Income Multiples
The formula used by certain lenders when
deciding how much money they are willing
to lend an applicant(s), it is based on
a certain number of times (e.g. 3.75) an
individuals income or joint income.
Independent Financial Adviser
A qualified and regulated individual that
is able to provide you with impartial advice
on financial products.
Index
A published interest rate, e.g. Bank of
England base rate which is used to determine
the rate on a variable rate mortgage.
Individual Savings Account (ISA)
A tax free investment in which people can
place cash, shares, or life insurance up
to certain limits set by the government.
Interest Only Mortgage
A mortgage whereby the borrowing elects
to repay only the interest on the loan and
repays the loan at the end of the mortgage
term.
Intermediary
A person or company that acts as a mediator
between two parties (Charles Conran Financial
Services is an intermediary between its
clients and the lenders/providers)
Introducer
A person or company that’s introduces
applicants to lenders/providers.
Investments
Savings that are designed to increase in
value over time and can be used to repay
an interest only mortgage
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Joint Income
The total gross income of both applicants
in a joint mortgage.
Joint Mortgage
A mortgage whereby more than one applicant
applies for the mortgage together, so that
all individuals are party to the mortgage
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Key Facts Document
A document designed to show all relevant
details relating to an insurance policy
which must be given to all applicants prior
to any application.
Key Facts Illustration (KFI)
A detailed [illustration] that must be
handed to all applicants prior to any mortgage
application.
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Land Registry
The legal process of registering the title
to an area of land with the Land Registry.
There will be a charge to the solicitor
for this process which may form part of
the disbursements.
Landlord
The owner of a property that is leased
or rented to another.
Landlords Reference
A reference given to a lender by a current
landlord or previous landlord, which will
reflect an applicants payment of rent and
conduct as a tenant, this will be used by
the lender to help them make a decision
on whether to lend to an applicant or not.
Leasehold (England & Wales
only)
A type of ownership whereby the person(s)
own the property but not the land it stands
on. The land will typically be leased to
the owner for a certain period of time and
they may be required to pay some form of
rent.
Leasehold Enquiries
Enquiries carried out by the purchasers
solicitor/conveyancer to the vendors solicitor/conveyancer
relating to any leasehold that may be attached
to a property.
Legal Charge
A document held by Land Registry which
outlines who holds the first charge on a
property.
Legal Fee
The fee that a solicitor or legal conveyancer
charges for their services.
Lender
The party offering a loan.
Level Term Assurance
An insurance policy that pays out a lump
sum under the terms of the policy (typically
on death of a policy holder) during the
term of the policy. Level term refers to
the fact that the benefit remains at a constant
level throughout the term. It is often set
up to protect an interest only mortgage.
Liabilities
Debts held by an individual.
Life Insurance
An insurance policy that pays out in the
event that the policyholder dies.
Loan to Value (LTV)
The proportion of the value of the property
that the lender is willing to loan.
Local Authority Search
A check carried out by the purchasers solicitor/conveyancer
to ensure that there are no issues relating
to the local authority such as planning
issues or enforceable notices. The Local
authority will charge the solicitor for
this and this may form part of the disbursements.
London Inter Bank Offered Rate
(LIBOR)
The interest rate at which Banks in London
buy and sell money from each other.
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Main Residence
The property in which an individual resides
for the majority of the time.
Maintenance
A legally enforceable payment made to assist
in the cost of bringing up a dependent
Maintenance Charge
The charge often charged by the freeholder
to a leaseholder to cover any maintenance
costs to the property, often charged annually.
Maisonette
A flat that has more than one floor.
Market Value
How much a property is worth based on market
conditions
Mortgage
A loan for which the security is a property.
Mortgage Deed
The legal document that seals the conditions
of the mortgage
Mortgage Term
The term over which a mortgage must be
repaid to a lender.
Mortgage Valuation
See [Valuation/Survey Types]
Mortgagee
The lender in a mortgage
Mortgagor
The borrower in a mortgage
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Negative Equity
The value of the property has less value
than the mortgage amount secured on it.
Net Income
The income of a person (often measured
monthly) after all deductions for tax, etc
have been made. Sometimes referred to as
a persons ‘take home’ figure.
Net Profit
Refers to the income of a self employed
person after all running costs and taxes
have been deducted.
New Build
A newly built property.
Non Income Verification
A mortgage application whereby the applicant
does not need to prove their income to the
lender. This is generally more suitable
for the self-employed or commission based
employees.
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Overpayment
The situation whereby more than the required
amount (i.e. the monthly repayment) is paid
to the lender in order to decrease the term
of the mortgage, this can be in the form
of a lump sum or regular monthly overpayments.
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PAYE (Pay as You Earn)
The HM Customs & Excise System for
collecting income tax from the pay of employees
to a company.
Payment Holiday
Borrowers may be permitted to take a break
in their mortgage repayments for a specified
period.
Payment Method
The method in which a mortgage is repaid
at the end of the term e.g. capital &
interest, endowment, ISA, etc.
Penalties
A set charge that a lender may charge under
certain circumstance for example on early
repayment.
Permanent Health Insurance (PHI)
An insurance policy that is designed to
pay out a monthly income in the event that
the policy holder becomes ill and is unable
to work.
Portable Mortgage
With a portable mortgage you are able to
take your existing mortgage agreement from
one property to another, subject to underwriting.
Portfolio
A collection of investments (including
property) held by an individual
Previous Lenders Reference
A reference requested from an applicants
previous lender to show applicants previous
repayment record. Often shown in the form
of the applicants current mortgage statement.
Professional Landlord
A Landlord that owns a large number of
properties forming a portfolio. These individuals
often earn their living from renting out
these properties.
Purchase Price
The price paid to purchase a property agreed
between the purchaser and the vendor.
Purchaser
The individual buying a property.
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Rate
Expressed as an annual percentage it is
the amount of interest charged on a loan.
Redemption
The full repayment of a mortgage.
Redemption Figure
The cost of repaying the mortgage in full
Redemption Charges
Fees charged by the lender on the redemption
of the mortgage e.g. deeds release fee,
sealing fee, etc.
Refinancing
The paying off of one debt with the proceed
of a new debt.
Regular Bonus/Overtime
A bonus or overtime that is not [guaranteed]
i.e. it is not always available it may be
performance related or an occasional occurrence.
Re-mortgaging
The processing of one mortgage being replaced
by a new mortgage. Similar to refinancing.
Repayment Mortgage
See Capital & Interest mortgage
Repossession
The legal procedure whereby a defaulting
borrower has their interest in the property
removed and is handed over to the party
that holds the first charge for them to
dispose of in order to recover the funds
they are owed.
Retention
Where a lender holds back part or all of
the mortgage funds until certain conditions
of the mortgage offer are met.
Right to Buy
Housing Associations and Local Authorities
offer their tenants to buy the property
they rent from them, often at a discounted
price depending on the length of time they
have rented from the relevant organisation.
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Second Charge
A subsequent debt secured on a property
in addition to the [first charge].
Self Build Mortgage
A mortgage taken out on a property that
has yet to be built or under construction.
Usually the loan is paid in instalments
to the borrower depending on the completion
of various stages of the build.
Self Certification
An applicant declares their income to a
lender and provides no proof to the lender.
This is generally more suitable for the
self-employed or commission based employees.
Self Employed
An individual who conducts business as
a sole trader, they do not receive an income
from a companies PAYE scheme.
Shared Equity
A scheme whereby an individual purchases
only a percentage of the property and the
developer owns the remaining percentage.
Rent is paid to the developer on the remaining
percentage.
Shared Ownership
Similar to shared equity but instead of
a developer owning the other percentage
it is owned by a housing association.
Sitting Tenant
An individual that is renting and occupying
a property who has legal rights to remain
in the property.
Sole Occupancy
A property that is occupied by only those
named on the mortgage application and their
direct family members.
Special Conditions
Conditions placed on a mortgage offer that
applies specifically to an individual application
that do not appear in the lenders standard
conditions.
Split Repayment
Is when a mortgage has a proportion of
the mortgage is being paid on a Capital
& Interest basis and the remainder is
on an Interest only basis. E.g. a mortgage
of £100,000 may have £50,000
being paid on a Capital & Interest basis
and the remaining £50,000 is being
paid on an interest only basis.
Stamp Duty
The tax paid by purchasers of property
to the government. The amount of tax payable
is dependent on the price of the property
you purchase. See below:
0 to 120,000* No Tax
120,000 to 250,000 1% of the purchase price
250,000 to 500,000 3% of the purchase price
500,000 plus 4% of the purchase price
*in certain wards the threshold is up to
£150,000
Standard Construction
A property that is constructed using conventional
techniques and materials i.e. bricks or
stone and a tiled or slate roof.
Structural Survey
See [Valuation/Survey Types]
Survey Fee
The fee payable to the surveyor for carrying
out a survey on a property. This is often
paid through the lender.
Surveyor
A person who is qualified to value and
assess the condition of land and property.
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Term
The length of time between taking a mortgage
out and the mortgage being repaid.
Term Assurance
An insurance policy that is designed to
pay out a lump sum in the event of Death
and/or critical illness during a specified
period.
Title
The document confirming legal ownership.
Title Search
A search carried out by the solicitor/conveyancer.
To check the ownership history of the property
to ensure there are no restrictions, unpaid
charges registered on the property, etc.
The cost of this will normally form part
of the disbursements.
Tracker
A type of mortgage whereby the rate changes
in line (tracks) another specified rate
e.g. if the specified rate goes up by 0.25%
then the other rate will go up by 0.25%.
Usually the rate being tracked will be the
Bank of England Base Rate.
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Underpayments
Repayments on a loan that are below those
required by the lender to repay the mortgage
on time. Underpayments are normally agreed
by a lender only after sufficient overpayments
have been made to balance out the shortfall.
Unencumbered
A property that has no loans or mortgages
secured on it.
( Top
)
Valuation
See [Mortgage Valuation]
Value
See [Market Value]
Variable Rate
A rate which can be changed at the lenders
own discretion, this often reflects changes
in the Bank of England Base Rate.
Vendor
A person(s) who is selling a property they
own.
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