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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.

Defaults

If you have defaulted on a loan or mortgage it means that you have missed several payments to that debt, which has resulted in a credit default. This will be marked on your credit record and would lead to a CCJ, if no payment was received or received very late.

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.