Administration fee
The administration fee is the amount charged by the lender to start work on the documentation for your mortgage application. It includes ratings at home. Administrative costs will not be returned, but his assessment is not made or if your application has been rejected.
Adverse Credit
adverse credit is when you have bad credit, bankruptcy, CCJ or arrears. adverse credit can also be called as bad credit, bad credit, or you can say he has a low credit score.
Agricultural Restriction
A restriction of agriculture is a rule that limits ownership of a property if your occupation is in no way related to agriculture.
Annual Rate
The annual rate is the rate at which you borrow money from lenders. Includes all initial costs and ongoing costs to be paid during the term of the mortgage. As its name suggests, the annual rate or APR is the cost of a mortgage is quoted at an annual rate. The annual rate is a good way to compare offers from different lenders based on the annual cost of each loan.
Distribution
Distribution or allocation, is a facility that lets you divide the responsibility of utilities, property taxes, etc. with the buyer or the seller of the property where it is acceptable to sell or buy property.
Arrears
Arrears occur when you do not meet your mortgage payment or any other type of debt. If you have arrears on your mortgage registration in progress, they encounter problems when they want to see remortgaging or getting a new mortgage.
Rate Agreement
A departure tax is the amount you pay to your mortgage lender to enter such deals. While looking for a fixed rate, cash back or low-rate mortgage, you must pay this fee when you submit your order, add the loan at the end of the period or deducted from the loan the end.
Assignment
The transfer of the lease is the document transferring ownership rights or property of a seller to a buyer. It can be a political framework for society-building as part of a mortgage.
ASU
ASU is an accident, sickness and unemployment insurance that covers your mortgage payments in case of accident, sickness or involuntary unemployment.
Auctions
An auction is a retail establishment to the person who quoted the highest bid. The winning bidder must sign a contract that ensures that all reviews, research, etc. before selling the property
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Permission to inspect the register
An authority to inspect the registration document is a document back and forth the legal ownership of property or social advocate allowing the buyer to obtain information on the property.
A bank is a way to make a payment. In appearance, it is the same as a check, but in reality it is a cash payment. The money is given to the bank, and issue a check that is allowed to be good for the amount.
Base Rate Tracker
tracking the base rate is a type of mortgage the interest rate is variable, but a premium (above), the base rate of the Bank of England for a period or throughout the duration of the mortgage. The best part about this type of mortgage is no redemption penalty has little or nothing. This means that, by making overpayments, you could save money on interest by paying off your mortgage before the agreed date in the original contract of the mortgage.
Booking Fee
Booking fee or fee is charged when applying for a loan at a fixed rate or cap. Booking fees generally not refunded if the initial charged, but sometimes the booking fee is added to your final mortgage payment.
Bridge loan
A bridge loan is useful when you want to buy a property, but their ability to do so depends on the sale of its former property. This is a very short-term loan to be paid as soon as your previous sells. Talk to a credit counselor before making a bridge loan to ensure it is the best option for you.
Rate Broker
Fee broker attention to his debt counselor or other intermediary that helps you find the best mortgage or loan to suit your circumstances. BSAThe BSA, or the Building Societies Association is a group working in the interests of member companies.
Building societies Commission
Societies of the Commission is a regulator of banks. The Committee reports to the Ministers of Economy and Finance.
Building Society
A construction company is an investment that gives money to purchase or remortgage residential properties. This money comes from individual investors to pay interest on your funds. Part of the funds for the construction of society is also raised by the commercial paper markets.
Buy to Let
When you buy a property for the sole purpose of leasing, you may request a redemption of rent mortgage. Payments of this type of mortgage is calculated based on projected revenues of vacation instead of their personal income.
Principal and interest
Their monthly mortgage payments consist of two parts: interest and principal. Interest payments, payment of interest on the balance of your loan. The capital payment is a payment of the amount you borrowed.
The capital increase
Raising capital in general, means a mortgage worth more than what you have to repay your existing mortgage in order to use the excess money for other personal financial applications.
Ceiling Price
A ceiling rate of interest is an interest rate not to exceed the standard variable interest rate for a specified time period (1-5 years) should be decided by you and your lender. If the standard variable rate falls below your cap rate, the interest rate will be reduced accordingly.
Cashback
Cash is the amount you receive when you take a mortgage, the amount may be fixed or a percentage of your mortgage.
CCJ
Stands CCJ County Court Judgement. This is a decision by a county court against you when they have defaulted on its debt. If you clear the debt in question in time, a passing grade will be placed on your credit in the sense that the debt is in charge.
Centralised Lender
A lender is a centralized mortgage lender that is not based on a branch network for distribution. Loan Central is now provided by companies in different buildings. These companies operate separately from their branch networks and rely exclusively on mortgages from intermediary sources.
Cargo
A charge is an interest in a mortgage that can be a freehold or lease required.
To load the certificate
A certificate of charge is a certificate issued by HM Land Registry for you by name as the registered title of a particular property. The certificate contains details of restrictions, mortgages and other interests. It has three distinct parts: loading a file, a property registry and cadastre. If there is no mortgage on the property, is called a land certificate to be issued to the registered holder.
Personal property
movable furniture in your home such as furniture or personal possessions.Chief RentChief income is paid by the owner of a freehold. This is the same as the rent paid by the tenant.
CML
Council of Mortgage Lenders
Completion
Completion is a term that explains why they have become the owner of your house after completing the formalities of the sale and purchase of the property.
Conditional Insurance
When you take a fixed rate mortgage or a discount, your lender may try to persuade him to sign an insurance contract to cover all payments due to illness, accident or unemployment.
Contract
A contract is a legally binding agreement of sale. There are two identical copies signed by the buyer and seller, and each party retains a copy for your records. Once both parties have signed the contract, which were incurred under the agreement.
Transportation
A conveyance is the act by which a freehold title is transferred without registration. The work is called a mission if your property is not registered or lease. If the property is registered, the script is called transfer.
Transfer
Transfer is a legal process by which the purchase and sale of goods takes place.
Pact
An alliance is a guarantee given to a score ScoringCredit deed.Credit is the procedure by which a lender evaluates your ability to pay before offering a loan or mortgage.
Credit Research
A credit search is done by a lender and credit bureau files for their CCJs and other indicators of bad credit.
Debt Consolidation
Debt consolidation is the process whereby you take a loan or a mortgage to pay for a series of high-interest debt. In this way, simply make a monthly payment and save thousands on interest.
Editorial
A deed is a legal document that indicates the owner of a particular property. You can transfer the freehold title, or lease as a script.
Strong
A deposit is the money you put towards the purchase of a property.
Disbursements
Disbursements are amounts you pay for attorneys' fees against the registration of property documents, faxes, etc.
Discount rate
Special rates are used to attract new borrowers to lenders in setting interest rates below the standard variable rate for a guaranteed period of time. If you pay the full rate mortgage early, your lender may impose early repayment penalties.
Prepayment penalty
A prepayment penalty is charged by your lender if you make a partial payment or total amount of the mortgage before the end of the term of your mortgage. These penalties will also be charged if you decide to remortgage and move your mortgage to another lender. The repayment penalties are primarily fixed rate, discount rate, and mortgage money.
Easement
Easement is the right of owners to make use of the land of another for limited purposes, as a right of passage.
Mortgage Endowment
An endowment mortgage is an interest only mortgage supported by an endowment policy. During the term of the mortgage, you pay interest that the lender and premiums paid in an endowment policy alternatives that expires during the term of your mortgage. The endowment policy is designed to pay off your mortgage and the law of life insurance. However, do not depend on the amount that is sufficient to pay all your debts.
Envelope
There are different types of endowments, but in this case, a budget is a life insurance policy to pay the interest only mortgage.
Equity
Equity is the amount of equity in your home. Is the value of your home minus the amount remaining due on your mortgage.
Equity Release
statement of equity is a way to release money from the value of your home or in a lump sum or in monthly installments. This money can be used for home improvement, debt consolidation, or other major expenses.
Exchange of contracts
Exchange of contracts occurs when the buyer and the seller of a property sign and exchange contracts that detail the property, price, date and terms of the agreement. When the contracts are signed, they become legally binding, and legal action may be brought against anyone who breaks the contract.
Existing Commitments
liabilities are all financial commitments of your mortgage. existing liabilities may include bank loans, debt credit card payments, alimony, etc
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first-time buyers (FTB or FTP)
First time buyer is someone who has never owned property before.
At fixed rate
A fixed rate is when you pay a fixed amount of interest on a loan for a period of time. The lenders offer fixed rate loans for short periods of time (three to six months) until the age of 25. The repayment penalties apply if you pay the mortgage before the deadline rate.
Flexible
A flexible system is a new way to calculate mortgage interest rates. Lenders calculate interest on a daily basis rather than on an annual basis. The new interest rates affect the balance of the mortgage. By making regular overpayments, you can repay the loan faster and save significant interest.
Furniture
An artifact is an attachment to your property, making it legally part of the property.
Freehold
Freehold means you own a property for an indefinite period of time. This is in contrast to the lease which means that the property is under his control for a limited time.
Also Advance
A further advance is a supplement to your existing mortgage to your current lender. The money for a new development can be used for the renovation, buying a freehold or for personal purposes such as debt consolidation.
Guarantor
The guarantor is a person who guarantees the lender that the borrower is eligible for a loan or mortgage. If the borrower fails to make payments, the guarantor will.
Gazumping
Gazumping occurs when the seller agrees to sell a property to a person, and proceeds to fall to offer a superior being.
Land Rental
rent is the amount the tenant must pay the owner each year.
Buyers Report
A report homeownership is made by a lender after an assessment has been made and before the full study is conducted to give the debtor a full understanding of the goods that are considering buying.
Revenue multipliers
An income multiplier is a calculation that the lender will use to calculate the amount a borrower can receive. The most common income multiplier is three times the revenue of a year or two and a half the joint income. The lender will choose one who obtains the highest. Lenders are more flexible if your LTV ratio is low.
Income Protection Insurance
With income protection insurance, monthly payments will be covered in case of illness, accident or unemployment.
Intermediate
A broker is a mediator who is the best mortgage for you, and arrange the mortgage for you by your name.
Land registration fees
A registration fee of the property is paid when you want to register your ownership of property or when you want to change the title of a copyright.
Lease
Unlike freehold where you own property, leasing is when a property is owned, but land on the base that is not owned by the tenant. His mastery of the property is only a number of years.
licensed conveyancer
A licensed conveyancer is a lawyer who specializes in legal aspects of buying and selling real estate.
Find local authorities
A search of the local authority is made by counsel for those who plan to buy the property. Verify the absence of new developments planned on the property, such as roads or buildings. It will check the opinions of building permits issued or enforcement on the property.
LTV
LTV or loan to value is the percentage obtained by dividing the value of their property by the amount of your mortgage. A low LTV is much less risky for lenders than 100% LTV.
Consolidation Loan
Consolidation loan occurs when a loan is another loan to pay a higher interest rate or pay for a series of high-interest debt. loan consolidation is often done by remortgaging.
MIG
A MIG, charge or mortgage, is an insurance company must cover the lender if your property is repossessed and the lender can not recover your money. A MIG is payable upon completion of a mortgage.
VIEW
MIRAS, or mortgage interest relief at source, was a tax break to those who have mortgages, but this relief was abolished by the government in April 2000.
Mortgage
A mortgage is a loan that allows someone to purchase a property. The property is the collateral for the loan.
Mortgagee
The creditor is a company or organization that funds your mortgage.
Mortgagee
The mortgagor is the person who takes a mortgage to buy a property.
MPPI
MPPI, or insurance payment protection, mortgage insurance is a must in the event of an accident, illness or involuntary unemployment, making them unable to make your monthly mortgage payment.
MRP
MRP, or protection of repayment of the mortgage insurance is appropriate for your lender during the term of your loan.
Negative Equity
Negative equity occurs when the money you owe your mortgage lender is greater than the value of your property. People are in negative equity situations when they take 100% LTV mortgage.
Overpayment
Overpayment occurs when you pay more than the regular monthly mortgage of the mortgage is paid before the end of the term of the mortgage. With overpayments, you can save money on interest, but also perhaps pay a prepayment penalty.Payment vacation holiday pay is a period during which you make no mortgage payment. This is normally only available with flexible mortgages.
PEP
An PEP, or a personal equity plan allows you to own stocks or mutual funds without paying taxes.
Personal Retirement
personal pension provided to your financial needs in retirement. You make structured payments in their retirement savings during their working years. Often, some of this money can be withdrawn to pay their mortgage debts.
Portability
Portability is a term used to describe a mortgage that can be transferred between properties when you move from one house to another.
Redemption
Redemption is when you pay your mortgage when you remortgage, or when you move into a new house.
Costs of money transfers
Shipping charges are charged by a lender to send the amount of a mortgage to your lawyer.
Remortgage
A remortgage is a loan from a lender or renegotiated a new loan with your current lender to pay off your existing mortgage. This is done to reduce the interest rate they pay or to obtain additional capital.
Mortgage repayment
A repayment mortgage is when a portion of your monthly payment goes to interest and a portion of the payment goes to principal. This is also known as capital and interest mortgage. If payments are made regularly, the total amount of the loan will be paid before the deadline.
Retention
Retention is the amount the lender is put on hold until certain mortgage conditions have been fulfilled.
Recovery
Recovery is a legal process by which the mortgaged property falls under the control of the lender, due to incomplete reporting. Your property can then be sold at public auction.
Right to buy
Right to buy means you are legally able to purchase the property at a discount if you have been a tenant for a period of time long enough.
Stamping Fee
A stamping fee is the amount requested by the lender when you pay your mortgage.
Income self-certification
Self-certification of income means that you confirm how much they earn and the lender does not require proof of income by a third. Self-certification is useful for self-employed or under contract.
Owner
Shared ownership is a project developed by housing associations that requires you to pay a mortgage on a property you own, but it will make monthly lease payments from the association's building construction.
Solicitors
Lawyers are people who give legal advice and undertake all legal work for the mortgage and remortgage transactions.Stamp duty Stamp duty is a tax paid to the government for the purchase of a property.
RVS
The SVR, or standard variable rate is the lender's base rate. Is subject to change at any time by the lender. The SVR rates fluctuate depending on the base of the Bank of England.
Structural Survey
A structural survey is the thorough inspection of property by a professional surveyor.
Tenure
Tenure: the type of rights a person has more than one property or land is located. This could be the absolute property or lease, for example.
Term
The term of a mortgage is the number of years over which you repay your mortgage.
Tie-in period
A link to the period is a time for which it is connected to a lender. Tie-in periods are often the special mortgage offers a fixed, limited, or discounts. If you transfer your mortgage to another lender during that period, you are subject to prepayment charge.
Land titles
A title is a legal document which validates the property of their property. By way of showing their true rights and your property.
Act
The act is a legal document to transfer ownership of your property to a buyer.
Uncommitted
The term means has the unencumbered freehold, no mortgages or loans against it.
Note
A property valuation is a survey of a property by a qualified inspector to assess the value of the property. This assessment is made on behalf of your lender to be able to confirm the value of your property.
Floating rate
A variable rate means your interest rate can change month to month making your monthly payments will vary.
Supplier
A seller is the person you buy a property.
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