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Secured Loans
This is a Loan that uses the equity in your home for security to allow better interest rates,
than those that would be applied to an Unsecured Loan. You can use this loan for any legal
purpose including debt consolidation or home improvements.
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 £60000 -
£250000, 3% of property value £250001 - £500000 and 4% of property value
£500001 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 Budget speech on March 22nd, 2000.
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.
