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If you've ever had difficulty understanding your bank manager or mortgage/loan broker, don't worry; you're not alone. The financial services sector is packed with so much industry-specific jargon that you'd be forgiven for thinking it's an entirely new language. At RightPrice4UMS, We believe in making life easy.

Added to Loan

Added to loan relates to the costs borrowers face when arranging a mortgage.

Often these are added to the mortgage amount being borrowed hence the term. The costs may include items such as mortgage indemnity fees and/or arrangement fees and/or administration fees as examples.

Additional Security Fee

An additional security fee may be required when the mortgage exceeds a certain percentage of the value of the property (usually 75%).

The form of additional security used is normally a Mortgage Indemnity Policy. Occasionally the lender may require a parent to be a guarantor or for other security such as shares or insurance policies to be pledged.

Adverse Credit

This term is used to describe Credit Problems that have lead to a poor credit history. Mortgage Arrears, CCJ's, Credit defaults and other credit debt repayment problems leads to Adverse Credit rating. When used to describe: Adverse Credit Mortgages or Adverse Credit Loans they mean Mortgages or Loans for people with or who have had Credit Problems and therefore have a Poor Credit Rating.

APR

Stands for Annual Percentage Rate and takes into account the amount of interest you will pay, both annually and over the term of the mortgage. The higher the APR the more you will pay, the lower the APR, the less you pay. This is meant to show the true cost of borrowing and adjusts the notional interest rate to take account of all the initial fees and ongoing costs. This enables you have a clear impression of the actual cost of borrowing throughout the entire mortgage term. Whilst this could be a good way to compare relative deals care should be taken to ensure that the rates being compared have been calculated on the same basis.

Arrangement Fees

These are usually charged by both the broker that you choose and the lender that provides your new mortgage. The lender will charge Fees for setting up your new mortgage, which will cover the cost of any work involved in arranging your mortgage. These fees can usually be added to your mortgage and therefore you will not be asked for these upfront.

Arrears

Mortgage or loan arrears problems is a term used to describe both missed or late mortgage or loan repayments. If you stay in arrears you are likely to end up with a default and a County Court Judgment or CCJ. We have schemes that will still accept applications from people who have had arrears or have CCJ's.

A.S.U Insurance

Accident, sickness and unemployment insurance (sometimes referred to as MPPI- Mortgage Payment Protection Insurance). This is an insurance policy that is taken out by the borrower and protects against the borrower being unable to work for these reasons. The policy will usually pay normal monthly mortgage repayments if the borrower is unable to work due to accident / sickness or unemployment / redundancy. These payments will normally only be made for a limited period of time - typically 6/12/24 months. The terms of these policies and the cost vary considerably from company to company.

Bad Credit

This another term used to describe what you have if you have had Credit Problems and subsequently you will have an adverse credit history. CCJ's, Mortgage Arrears and other credit debt repayment problems lead to bad credit. Bad Credit is more a term that was initially used in America, but is now commonly used in the UK, but more commonly you will here the expression Poor Credit. When used to describe: Bad Credit Mortgages or Bad Credit Loans they mean Mortgages or Loans for people with Credit Problems or a Poor Credit History.

Bank Of England Base Rate

This is set by the Bank of England and can alter quite regularly. Lenders then put their interest rate on top and depending if you have a capped rate or variable rate your repayments will go up or down. Any changes to the rate are announced by the Bank of England's Monetary Policy Committee.

Bankruptcy

Bankruptcy - Anyone can go bankrupt, including individual members of a partnership. There are different procedures for dealing with companies and for partnerships themselves. When a bankruptcy order has been made you must:

• Provide the Official Receiver with a full list of your assets and details of what you owe and to whom.
• Look after and then hand over your assets to the Official Receiver together with all your books, records, bank statements, insurance policies and other papers relating to your property and financial affairs.
• Tell your trustee about assets and increases in income you obtain during your bankruptcy. (Note: you are legally obliged to inform your trustee of any property that becomes yours during the bankruptcy. Such property includes lump sum cash payments that you may receive, for example redundancy payments or money left in a will).
• Stop using your bank, building society, credit card and similar accounts straightaway.
• Not obtain credit of £250 or more from any person without first disclosing the fact that you are bankrupt.
• Not make payments directly to your creditors. You may also have to go to court and explain why you are in debt. If you do not co-operate, you could be arrested.

Blacklisted

All your credit history will be stored on databases by credit reference companies. A lender will check these to find out your credit status. If you have a severe credit history and your record will be black listed to note severe risk. Some lenders will still lend on this but the interest rate will be high until you can improve your credit history. We can usually get you credit, all you have to do is contact us to find out what is available for you.

Buildings Insurance

All mortgage lenders will insist that the property has Buildings Insurance before completion of your Remortgage or Loan. This covers their investment in your property, but most of all, it covers your property against fire, flood and subsidence etc.(Ensure that your insurance cover is always sufficient to cover the total rebuild cost of your home).

Buy to Let

This is a method to invest money in property. You will need a Buy to Let Mortgage if you want to rent or let the property that you buy. Over the last few years, private individuals have been offered buy-to-let mortgage schemes as an alternative form of investment. A buy-to-let mortgage is a loan for an individual to purchase a property for the explicit purpose of renting it out. Many people see buy-to-let schemes as an alternative to a pension. Obviously, there are pros and cons associated with any business or property venture, so it is best to plan carefully and to speak with a professional advisor before taking the plunge.

Capped Interest Rate

A capped rate is a mixture between a fixed rate and a variable rate. The interest rate is guaranteed not to rise above a set level within the capped rate period but if the normal variable mortgage rate is below the capped rate then the variable rate is charged. This gives the 'best of both worlds' as the interest rate can fall but will not rise above the capped rate. However, the level at which the cap is fixed is usually higher than for a fixed rate mortgage for a comparable period of time. Sometimes 'Cap and Collar' mortgages are offered and these impose a minimum payment rate (the collar) in addition to the maximum rate (the cap). The lender will normally impose early redemption penalties if the mortgage is redeemed within the first few years (see Redemption Penalties).

Capital & Interest Mortgages

More commonly known as a Repayment mortgage your monthly mortgage repayments to your lender covers the capital, the actual money you borrowed, and the interest the lender charges you for borrowing the money.

Cash Back

This is the arrangement whereby a cash sum of money is repaid to the borrower at the start of the mortgage. The amount of the cash back will vary considerably from lender to lender with the highest amounts being paid where the borrower is willing to forgo any fixed or discounted rate offers and pay the normal variable mortgage rate. Cash back deals are also available in conjunction with some fixed or discounted rates but the amount of the cash back will normally be reduced in these circumstances. The lender will normally impose early redemption penalties if the mortgage is redeemed within the first few years (see Redemption Penalties). Sometimes the cash back money can be used to fund the deposit or be used for immediate home improvements.

CCJ or County Court Judgment

If you have not made payment on any debt that you have, you may be taken to a County Court for the debt to be enforced. If the debt isn't satisfied then a decision or judgment will be made in the County Court, normally for the non-payment of that debt, which will be registered on your personal credit file as a CCJ. If the debt is paid or satisfied and a satisfaction certificate obtained, then it will be noted on your credit file. CCJ's do not mean that we cannot help you, apply today and find out that a CCJ doesn't mean that we will say NO! (We have schemes that allow for unlimited numbers of CCJ's).

Centralised Lender

This refers to the group of lenders, other than high street banks and building societies, who operate without a branch network, normally from one location.

Conditional Insurance

This refers to insurance products, which some lenders will impose as a condition of their mortgage offer. This could mean that the lender insists that accident, sickness and unemployment cover is taken out or that combined buildings and contents insurance is taken.

Completion

The final stage of the mortgage process and the day that your Mortgage or Remortgage is completed. You will be contacted on the day of completion to check that you are happy with the final position of your new mortgage or if you are purchasing, you will get the keys to your new home.

Consolidate Debt or Debt Consolidation

To consolidate your debts means instead of several debts where you are struggling to meet all the repayments you have just one manageable debt with a repayment you can afford. An Adverse credit Remortgage can be arranged for you, giving you a fresh start and overcome past financial difficulties.

Consolidation loan

Consolidation loans are used to bring all your debts beneath one financial umbrella. A single policy is taken out to combine several smaller loans; making repayment easier to manage. Consolidation loans often reduce monthly payments by extending the lifespan of the loan (meaning a greater total payment).

Conveyancing

The legal process of transferring ownership of the property. A conveyancer, usually a solicitor, deals with the redemption of your existing mortgage, the legal contracts, property searches and will provide you with the monies that you may have raised to pay off unsecured loans, credit cards and any cash raise funds that you have requested.

CRA

Credit Reference Agencies enable lenders to share information in order to get a clearer idea of borrowers' financial histories. This includes data held on public record (such as the electoral register) and by credit agencies. To find out more about credit reference agencies visit www.experian.co.uk or www.equifax.co.uk.

Credit Check

Before a lender considers lending to you, they will undertake a credit check through one of the credit bureau's. A credit check determines your credit history; it looks to see whether you have any CCJ's, Defaults, Mortgage Arrears, loan arrears, a Credit History, Bankruptcy, Debts, IVA's and Hire Purchase Defaults or outstanding credit card bills. Most high street lenders don't want anyone with a poor credit history, but we have schemes that will accept you with any combination of these, providing you with the loan that you need.

Credit Scoring

This process is used by some lenders to determine what level of credit risk you are. They use a scoring system based on credit history; good or bad, length at current address, security, employment, income and answering these questions gives them a score or Credit Rating. Mainstream lenders only want high scores. However, through the exclusive schemes that we have negotiated with specialist lenders, we can provide facilities to suit your score even if it is a low credit rating. The majority of your credit history and suitability will be on a national credit database but it is up to individual lenders whether the risk is acceptable.

Daily Interest

Interest is calculated on the balance of the account at the end of each day. Interest is then accrued daily and added to the account balance on the last day of every month. This means every cleared payment that is made reduces the mortgage balance and interest is recalculated on the reduced balance.

Debt Consolidation

To consolidate your debts means instead of several debts, where you are struggling to meet all the repayments, you will have just one manageable debt with a monthly repayment that you can afford.

Default Notice

In accordance with the Consumer Credit Act of 1974, creditors must issue a Default Notice (outlining details of the breach of agreement and how it must be remedied) before any further action can be taken.
Home equity loan
Secured loans come in all sorts of shapes and sizes; one of them is a home equity loan. With a home equity loan the total borrowed is based on the current value of the property less the remaining mortgage balance.

Deposit

The amount of money you put towards the purchase of the property. Most lenders will require at least a 5% deposit from you of the purchasing price. However some lenders will lend 100% or more, but only to full Status Applications, with a poor credit history.

Discounted Interest Rate

This means interest charged on a mortgage is at the variable base rate applicable and applies to the mortgage, less a discount for a set period. This means the rate and so your monthly repayment can go both up and down depending on the variable base rate changes, and will continue until the end of the discounted rate period. These types of mortgages tend to lock you into the mortgage for a minimum period and may include a penalty clause if you try to come out of the mortgage early.

Early Redemption Fee

This is often associated with fixed, capped, discounted or cash-back mortgages. If you pay off your mortgage early, then you may be charged a fee to do so. The lender gives you a package with benefits, but you must keep the mortgage with them for a minimum length of time. Some mortgages don't have any early redemption penalties.

Endowment

An Endowment Mortgage is a savings based mortgage with life assurance to protect the capital owed. Your repayment to your mortgage lender covers the interest due only and another payment is made to your endowment policy provider, to be invested by the lender. These were designed to allow you to pay a smaller monthly premium. At the end of the policy your invested amount should be enough to pay off the balance of your mortgage. However current Endowment Policy Holders have been notified that the final invested amount is unlikely to cover the final balance of their mortgage.

Equity

This is the difference between the amount you owe on your current mortgage and the current value of your property. This amount can be used in a Remortgage to allow you to do some home improvements, buy a new car, take a holiday of a lifetime or simply to consolidate your debts into one lower monthly payment.

Exchange of Contracts

This is the stage in the property transaction at which legally binding contracts are exchanged between the buyer and the seller. Once contracts are exchanged the vendor becomes legally obliged to sell and the purchaser to buy on the terms agreed.

Existing Liabilities

This term is used by lenders to define all other financial commitments apart from the existing mortgage. This will take into account such items as bank loans, HP, credit cards, maintenance payments (to ex-spouse) etc. Most lenders will take these items into account when assessing how much they are prepared to lend and will usually deduct 12 months payments from gross annual income before applying their normal income multipliers.

First Time Buyer

First Time Buyers (FTB or FTP) - lenders differ in their definition of a First Time Buyer. Some lenders will include in this someone who has owned a property before, but has no property to sell (i.e. may be renting temporarily after selling) and other lenders will include joint borrowers where just one party is a FTB. Other lenders will take a more literal definition and only include someone who has never owned a property before.

Fixed Interest rate

This is what it says. A fixed rate mortgage set for an agreed period of time. If the interest rates went really high then you don't pay a higher interest rate. However you don't pay any less if the interest rates go really low.

Flexible Rate Mortgages

This type of mortgage allows flexibility of repayments. Normally, a borrower will be allowed to overpay, underpay or take a payment holiday. You can sometimes offset savings against the mortgage to help with payments. Certain flexible mortgages will offer daily interest rates so any overpayment will show benefits straight away.

Freehold

A term that means you are the absolute owner of the property that the land sits on. When you have paid your mortgage off in full, you will then hold the freehold to your property.

Gross Interest

The contractual rate of interest without or before the deduction of any income tax liability. If interest is received gross the investor takes the responsibility for discharging any tax liability due to the Inland Revenue. However the interest will generally be paid net unless a registration form (R85) is completed to comply with Inland Revenue regulations.

Guarantor

A guarantor is a person other than the borrower who guarantees the mortgage repayments. A Guarantor can sometimes be used to support a borrower who has insufficient income to qualify for a mortgage in their own right. The Guarantor will normally need to have sufficient income to support the new mortgage in its entirety after taking into account any existing mortgage and other commitments they have personally. The Guarantor becomes responsible for the whole mortgage repayment if the borrower defaults. They normally need to receive independent legal advice before signing a guarantee.

Hire Purchase

This term is used to describe purchase brought on credit like cars, electrical items, furniture etc. Usually it is items brought on HP. A credit check will check to see if you have ever had or still have any Hire purchases and the payment history of them.

Homebuyers Report

This may also be called a homebuyers survey. The report is a surveyor's assessment of the state of repair and condition of the property. It covers all areas of the property that are readily accessible. The report summarises the findings and make recommendations for investigation or proposals for work required.

Household Insurance

A term used to describe both buildings and contents insurance. Buildings insurance is likely to be a requirement of any mortgage lender.

Income Multiplier

Income multipliers are used by mortgage and loan lenders to determine the amount that they are prepared to lend you. The most common multipliers used are 3.5 times a single income or 2.75 times joint incomes. More generous multipliers are available exclusively from RightPrice4UMS and some of our high income multiplier schemes will allow for up to 7.5 times your income and our lenders may even be more flexible if the Loan to Value is relatively low.           

Interest Only Mortgages

An Interest only mortgage means that during the term of the mortgage you will only be paying the interest charged on the money that you have borrowed. In addition, you must ensure that you have a repayment vehicle to pay beck the capital borrowed. There are many options for doing so that includes an endowment policy, ISA, Pension or other savings based methods and most of them include life assurance cover to pay off the monies borrowed in the event of your death.
These types of mortgages were designed to allow you to have a reduced monthly payment, but they do not guarantee the repayment of the capital borrowed.
However, some current endowment policy holders are being notified that the final invested amount is unlikely to cover the final balance of their mortgage.        

More Information

Individual Savings Accounts (ISA)

Introduced on 6th April 1999 and replaced PEPs and TESSAs. Guaranteed to run for at least 10 years, although it will be reviewed after seven years and changes may be made to the terms after the initial ten year period has expired. Individuals are allowed to make a maximum investment of £3,000 into a Mini Cash ISA during the tax year providing no contributions have been made into any other Mini Cash ISA or a Maxi ISA during the same tax year.

Joint Applications

If you and your partner are applying for a mortgage together it is called a Joint Application. Most lenders will lend you either 2 and a half times your combined salary or 3 times for the 1st Applicant and 1 time for the 2nd Applicant. We have schemes that will provide income multiples of either 3.5 times your 1st salary plus 1 times the 2nd or 3 times your joint income.

Key Feature Illustration

This document has replaced the previous mortgage illustration and fully details the mortgage product that you are considering. The KFI lays out exactly what you will pay and how much everything will cost in connection to the mortgage. The intention of the KFI is to give the consumer the ability to make a true like for like comparison of various mortgage products and suppliers.

Land Registry Fee

This is a fee charged by the Land Registry to record a change in the registered title of Registered Land. The change will normally be notified to the Land Registry by the solicitor acting in the house purchase (or remortgage) and as such the Land Registry fee will normally be payable to the solicitor and accounted for in his final account.

Leasehold

This means you own a property rather than rent the property for a set number of years. When the lease expires, the property returns to the freeholder. Shops and business premises and flats are commonly sold on a leasehold basis.

Legal Completion

This refers to the time at which the legal ownership of the property changes hands. This date will usually be agreed upon at exchange of contracts. This will also be the date at which the mortgage becomes effective (sometimes the mortgage completion date may be a couple of days before this to ensure that the solicitor has funds on the due day).

LIBOR Linked Rate

LIBOR is the London Inter Bank Offered Rate and is the rate at which banks lend money to each other. LIBOR changes daily and a LIBOR linked mortgage will normally be adjusted every three months. LIBOR linked rates are usually quoted as X% above LIBOR. (Similar to Tracker Mortgages).

Local Authority Searches

Your conveyancer, usually a solicitor, carries out when you buy a property the Conveyancing process. This search is based on assessing how your local council's plans or services may affect the property. Such as proposed road improvements, and details of any planning permission given for the property or any nearby property.

Loan Consolidation

Also referred to as debt consolidation, this simply represents the policy of borrowing on mortgage in order to repay other loans or debts. This can be achieved as part of a UK remortgage.

Loan to Value - LTV

LTV is the term is used to describe the Loan to Value. The size of the mortgage you require compared to the value of the property. A £80,000 mortgage on a house valued at £92,000 would mean a LTV of 85%. You would then require a 15% deposit.

Mortgages Deed / Legal Charge

This is the legal document establishing that you have a mortgage on your home or property.

Mortgage Indemnity Guarantee (MIG)

This is known under many different names which include the following; High Percentage Lending Fee, Indemnity Premium, Insurance Guarantee Premium, Additional Security Fee, Mortgage Guarantee Premium, Mortgage Indemnity Premium amongst others. This is a fee that is payable if a 'high percentage loan to value' is required. The MIG fee is for the benefit of the lender and allows them to purchase insurance, which covers them in the event that you default on the mortgage and there is a shortfall from the sale following possession being taken. The policy has no benefit to the borrower and offers no protection - indeed if your property is repossessed and the lender claims on the Mortgage Indemnity Insurance then the insurance company that has paid out the claim to the mortgage lender can still pursue you, the borrower, for repayment of that amount.

The actual terms of the MIG will vary considerably from lender to lender and if you are told that this will apply you should check the details. Many lenders will impose this additional fee if you wish to borrow more than 75% of the value of the property and the premium payable will be calculated as a percentage of the amount you wish to borrow over that figure. There are a handful of lenders that do not charge MIG premiums or who charge in a different way. A number of lenders have announced that as an incentive to attract new business they will meet the cost of the Indemnity premium.

The terms / conditions as detailed above remain the same - all that has changed is the lender is paying the premium. Generally the changes that have been announced to date involve mortgage applications where there is a 10% deposit (90% loan to value ratio). A further point to note is that some lenders who start charging at a set figure, say 80% will back-charge the premium to 75% when calculating the indemnity charge. So if you are borrowing, say, 82% the premium is not charged from 80% but from the 75% level. When discussing your application with your chosen lender, be sure to ask whether MIG applies and at what level it is calculated.

Mortgage term

The length of time in years that you take to pay back your mortgage. Most commonly people take out a term of 25 years, but it could be 5 years if you borrowed a small amount. The Maximum term available is 40 years with some lenders.

Mortgage Valuation Report

This is the most basic form of survey and is the minimum required by lenders in order to ascertain the suitability of the property as security for their loan. Although the borrower will normally receive a copy of this report it should not be relied upon as a comprehensive report on the condition of the property. A more detailed report (either a Home Buyers Report or Structural Survey) should be commissioned when considering the purchase of a property.

Negative Equity

This means the value of your property is lower than the amount you owe on your mortgage or loans secured on it. This will be a problem if you want to move or maybe considering either a Remortgage or a Secured Loan.

Non-Status

This is another term used to describe Credit Problems due to an adverse credit history. CCJ's, Mortgage Arrears, Loan Arrears, missed payments and other credit debt repayment problems lead to being classed as Non Status rather than Status. When used to describe: Non Status Mortgages or Non Status Loans they mean Mortgages or Loans for people with Credit Problems or a Poor Credit History.

Overpayments

There are two ways of making mortgage overpayments

1) Increasing your regular monthly repayment
2) Paying a one off lump sum

If making a lump sum payment, make it clear to the lender that it is to pay off the loan rather than the interest. Get the best possible mortgage quote offer which is right for you with our easy and quick application form. Regardless of whether you have less then perfect credit or are self employed or have been turned down elsewhere we can help. We take your individual circumstances into consideration listening to you without using rigid criteria. To help us find the best loan deal for you please fill out the application below.

Part & Part Mortgages

Part Interest Only - Part Repayment - This describes a mortgage where only part of it is arranged on an interest only basis and Part is arranged on a capital and interest basis.

Payment Break

This term is more commonly called a payment holiday. If agreed with your lender, Payments can be stopped for a limited period whilst you get over a financial tight spot. Also see Overpayments and Underpayments.

Personal Loans

A personal loan is a term used to cover unsecured loans. This is a loan taken out by a person or persons hence the name Personal Loan. (Lenders do not require a security for a personal loan).

Poor Credit

This is another term used to describe credit problems due to an adverse credit history. ccjs, mortgage arrears, loan arrears, missed payments and other credit debt repayment problems lead to a poor credit rating. Poor credit is more of a UK term with America more commonly using bad credit. When used to describe poor credit mortgages or poor credit loans they mean mortgages or loans for people with credit problems or a poor credit history.

Portability

This describes the ability to move a particular mortgage product from one property to another in the event of a property move. This is particularly important if a fixed rate, capped rate, cash back or discounted product is taken where early redemption penalties are charged. If a product were not 'portable', then a house move would involve the payment of early redemption penalties even if another mortgage were taken with the same lender. A portable mortgage means that the same scheme is transferred to the new mortgage for the remainder of the original term e.g. a 5 year fixed rate is taken which has redemption penalties within the first five years. If the borrower decides to move after two years then the same five-year rate will apply to the new mortgage for the balance of the remaining three years, subject to meeting the lenders underwriting criteria at the time of the move. If the original product was not portable, however, then redemption penalties would be paid on redemption of the existing mortgage and a new product would have to be taken for the new mortgage.

Quotations

Following receipt of your online application, a consultant will be in touch with you and will provide a FREE, NO obligation Quotation, detailing the competitive rate package. This includes repayments, interest, amount you can borrow and total amount payable on loans.

Redemption Penalty

An additional charge made by the lender if the mortgage is repaid within a pre-agreed period of time. These have become increasingly common with the growth in fixed rate and discounted products. They are generally imposed to stop borrowers hopping from one lender to another simply to take advantage of the latest discount or cheap fixed rate. Normally expressed as a number of months interest within a set period of years i.e. 6 months interest if redeemed within the first seven years but may also be expressed as a percentage of the mortgage debt i.e. 5% of the mortgage if redeemed within the first seven years. Careful attention should be paid to these penalties as they vary considerably from lender to lender and the lower and shorter the penalty the more attractive the deal.

Regulated loan

Secured loans of less than £25,000 come with the legal requirement that lenders aren't allowed to contact prospective clients for seven days after they receive the loan agreement. This period of consideration is designed to give the customer time to carefully read and consider the loan. Only then will the client receive the signable documents; whereupon they have another seven days consideration. The Consumer Credit act stipulates that loans of more then £25,000 need not be regulated.

Any loan up to and including £25,000 is deemed regulated under the Consumer Credit Act. Once an offer has been made the loan provider or broker can only send the client the Advance Copy Credit Agreement; not the signable agreement. After eight days the signable documents can be released to the client. The loan provider must then wait a further eight days before contacting the customer. This period of consideration is designed to give the customer time to carefully read and consider the loan. Loans greater than £25,000 are not subject to CCA regulations.

Remortgages

A Remortgage is a new mortgage, which is arranged through a different lender. You use this by getting a new mortgage on your house. The difference between what you have already paid of your last mortgage and the current value is classed as equity in your property. You can have a new mortgage on your existing home either the same size and have a lower mortgage repayment or make it bigger and have funds for debt consolidation, home improvements or a holiday.

Repayment Mortgages

Also known as a Capital and Interest mortgage. With this type of mortgage the monthly repayment includes an element of the capital sum borrowed in addition to the interest charged. In the early years of the mortgage the majority of the monthly repayment consists of interest with only a small part repaying the capital. However, as the debt gradually reduces the element of capital increases and the interest element reduces, so although the monthly repayment stays the same (assuming the interest rate remain unaltered) the debt starts to reduce more quickly as the term of the mortgage progresses. On a 25-year term mortgage it would not be unusual to still owe over 50% of the original debt after the first 15 years. Providing the correct monthly repayments are made on there due dates this mortgage will guarantee to repay the total mortgage debt at the end of the mortgage term.

Right To Buy

If you have lived in a Council Property for a number of years you have the right to buy that property. The council give you a discount to buy the property. I can get you the mortgage. For how much longer councils will let you do this is a political agenda. Act Now before it is too late!

Secured Loans

Secured loans allow homeowners to offset borrowing risk against the value of their property. This means that homeowners with a poor credit history can still take out a personal loan. However, it also means that borrowers who continually default on repayments may be putting their property at risk.
Self Certification
Self cert loans are typically for anyone who is self-employed and can't prove their last three years income. Applicants will be asked to declare their income and may be asked for bank statements as proof. Because self cert loans represent a greater level of risk to the lender; borrowers can expect higher APRs.

Self Certification Mortgages

The lender relies on you to certify the amount of your income and will not check to confirm this with an employer. Self-Cert mortgages are available to both employed or self employed applicants, If you have additional income that you cannot prove, No Proof of income, then Self Certification is for you.

Self Employed Mortgages

Being self-employed can make it harder to get a mortgage. If you are lucky you could be certified with over 3 years accounts, but if you have less than 3 years accounts then you are classed as Self Certified (see above).

Stamp Duty

Stamp duty - This is a tax, which is levied on the purchase of property. The tax is paid by purchasers and is currently levied at the following rates: 1% of property value £120,000 - £250,000, 3% of property value £250,001 - £500,000 and 4% of property value £500,001 and above. The appropriate rate is paid on the whole purchase price and not just the excess applying to that band i.e. a purchase price of £350000 will attract £10500 stamp duty, being 3% of £350000. In certain areas the level at which you pay stamp duty has been raised and in some areas removed to encourage property ownership. The rates quoted are as per the Chancellors last Budget speech.

More Information

Standard Variable Rate

This is set by the Bank of England and stays above the Bank of England Base Rate and can go up and down like any Variable Rate or Tracker Rate.

Structural Survey

This is a specialist report carried out by a structural engineer and will look for any structural problems or defects that could cause you a problem in the future. It is advisable to have this survey if you are buying an old house or to discover any problems alterations may cause.

More Information

Sub-Prime

This is a term used by lenders to describe the sector of Mortgage Problems. A sub prime mortgage is the same as a Non Status Mortgage, a Non Standard Mortgage, an Adverse Credit Mortgage, a Poor Credit Mortgage or a Bad Credit Mortgage. Put simply, it is a Mortgage for People with Credit Problems.

Tenant loan

A Non-Homeowner or Tenant will take out an unsecured loan because they have no home to act as security for the Loan. This is a Personal Loan for Tenants and Non-Homeowners. Interest Rates are usually higher than Secured Loans, but we aim to find you the most competitive rates available for Tenant Loans or Unsecured Loans.

Term

The length of time in years that you take to pay back your mortgage. Most commonly people take out a term of 25 years but it could be 5 years if you borrowed a small amount.

Tracker Rate Mortgage

Tracker rates are set a % above the Bank of England Base Rate. This is similar to a variable rate mortgage, so your monthly repayment can go up or down. So as the Bank of England rate changes you will receive the change immediately unlike a Variable rate that may not fluctuate as much.

United Kingdom

Lending facilities are available for areas within UK (United Kingdom) Applications. This covers England, Scotland, Wales and Ireland.

Underpayments

As long as you have previously made overpayments some mortgages allow you to make underpayments for a limited period. So you could pay more why you have it to pay off your mortgage quicker or prepare for a short time when you will struggle and so you can reduce your monthly payment.

Unsecured Loans

An unsecured loan is one which is not ‘guaranteed' with property. Because this represents a greater ‘risk' to the lender they may ask for cosignatory. Interest rates also tend to be higher to compensate for the increased risk. If the borrower defaults on repayments the cosignatory will be held equally responsible.

Valuation Report

Lenders arrange a valuation survey to be carried out on your property; this is to find out the value of the property you require the mortgage on. They will ascertain if the agreed asking price is above or below the value and lend on the lower of the two figures. The report is for the Lenders benefit alone and should not be relied upon as a report of the condition or soundness of the property.

Variable Interest Rate

A variable base rate is a level of interest charged by lenders that depending on current market conditions can go up or down. So your interest rate on your mortgage could be within your budget and then if the market changes the interest rate could increase, which would stretch your finances. The best tactic is not to borrow to your limit but at a level that you can cope with fluctuations in interest rates. Also known as SVR (Standard Variable Rate).

Wedding Loan

This can be a Secured Loan if you're a Homeowner or an Unsecured Loan if you're a tenant. An average church wedding with all the trimmings could cost in excess of £10,000.00. A wedding loan can be used to make you and your daughter's special day a memorable one.

X is for Close

We can help you to get an Adverse Credit Mortgage, a Non Status Remortgage, a Poor Credit Secured Loan or a Bad Credit Tenant Loan. Whatever your credit history, we can solve your credit problems with quick & easy, no hassle solutions. So once you have completed one of our Application Forms and received our confirmation email, you can be sure that we will start to provide our expert services right away and one of our remortgage consultants will be in touch to continue the process through to mortgage completion.

You

The most important thing is the security of you, your family and your future:

You never knew you would be made redundant and that paying the bills would be hard and would lead to credit problems and a poor credit history. As a student you acquired debts and couldn't pay them or took years to pay them. This would be noted on your credit record. You had a period of illness, unable to work and with the expenses of bringing up a family you got behind on your mortgage payments and you got in arrears. Now that you have overcome your illness and you have a job again you want to move or buy your first home, but previous arrears are making it difficult for you. You may be living with your parents or in rented accommodation and you want a deposit for a house or buy a car but you have no security.

Your future

Remortgage Solutions will deal with your credit problems and aims to find a solution whatever your credit history. Apply online today and we could seriously improve your future with; a Mortgage for a new home or bigger home, a Remortgage for home improvements or extra cash, a Secured Loan for debt consolidation or Wedding Expenses or a Tenant Loan for a Mortgage Deposit or buy a new car or take a well deserved luxury holiday.

Zero % Finance

We all know you can purchase your new settee or television on 0% interest. When it comes to loans and mortgages and especially if you have credit problems this is not the case. The lender needs to make their money so how could they not charge the interest. Any amazing mortgage or loan offer claiming 0% interest should be read carefully. They will contain clauses like 'only if you stay with us for 3 years' by which time your interest rate would have jumped to 15%. ZZZZZZzzzzzz You will be able to sleep soundly knowing that you have sorted out a new Mortgage or a Remortgage. Maybe that Secured Loan or Tenant Loan will get you to see some emigrated relatives or consolidate your debts. Click on one of the below links and complete a Fast Track Application Form to receive a FREE, NO OBLIGATION QUOTATION.