Contact Telephone 02920 471827 Mobile 07974 777715
Glossary
A
Additional Security Fee
An up-front, one-off fee paid to the lender to protect them against the borrower defaulting on the loan. Usually charged on mortgages over 75% of the house value. Also known as Indemnity Guarantee Premium and Mortgage Indemnity Premium.
Agents
(See Estate Agents)
APR
Annual Percentage Rate. The true cost of a loan.
B
Bailiff
Official who repossess your possessions or house if you cannot keep up on your mortgage repayments.
Banks
A place to go for Mortgages & Loans.
Bridging Loan
An expensive temporary loan to tide you over when having to buy your new house before selling your old home.
Broker
An intermediary who will give advice and offer a range of mortgages.
Building Society
Another place to go for Mortgages & Loans
Buildings Insurance
Insurance to cover any structural damage to your house.
C
Capital
The sum borrowed in a mortgage.
Chain
This occurs when the seller needs the sale of their house to occur before they can complete the purchase of another property. The same situation may exist for others in the chain. As a result, the whole chain can collapse if one link breaks.
Charge
The term used for the security that the lender relies on when granting a mortgage.
Completion
The point when contracts have been exchanged and ownership legally passes to the buyer.
Contents Insurance
Insurance to cover any loss or damage to your possessions.
Contracts
The legal documents needed to transfer the ownership of property.
Conveyancing
Legal work involved in buying and selling a house.
D
Direct Lenders
A new form of mortgage lender who deals solely over the telephone.
Disbursements
Expenses paid by the solicitor on behalf of the purchaser.
Discounted Rate
A reduced mortgage interest rate which is subtracted from the Standard Variable rate.
E
Endowment Mortgage
Type of mortgage where monthly payments are made into a endowment (life assurance) policy. The loan is paid off in one lump sum at the end of the loan period.
Estate Agent
Property agents who link up buyers and sellers. Estate Agents advertise houses & arrange viewings.
Excess
The initial sum you have to pay on an insurance claim.
Exchange of Contracts
The point at which buyer and seller are legally bound to the sale and purchase of the property.
Cardiff Houses Sale
Mobile: 07974 777715
Telephone: 02920471827
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