Secured Loans & Mortgages

 

A | B | C | D | E | F | G | H | I | J | L | M | N | O | P | R | S | T | U | V

 

Cancellation clause
A clause that details the conditions under which each party may terminate the agreement.

 

Cap
A limit on the amount the interest rate or monthly payment can increase in an adjustable rate mortgage.

 

Cap & collar mortgage
A cap is a maximum rate of interest that can be charged for a specified period, while a collar is a minimum rate of interest that can be charged for a specified period.

 

Capital expenditure
The cost of making improvements on a property.

 

Capital gains
Profits an investor makes from the sale of real estate or investments.

 

Capital gains tax
A tax placed on the profits from the sale of real estate or investments.

 

Capital growth
Where the original amount you invest increases over a period of time. Generally this is achieved by interest or dividends being added back to an account for reinvestment.

 

Capped rate mortgage
A mortgage which guarantees the interest rate charged will not rise above a certain level. But it may fall in line with variable rates.

 

Cashback mortgages
A Cash Back mortgage does what it says on the tin! On completion of the mortgage, your lender will pay a percentage of the amount borrowed “back” to you as a lump sum. The higher the cash back sum paid, the greater and more complex the number of strings likely to be attached to the mortgage. You may be faced with high redemption penalties over several years should you wish to consider redeeming the mortgage early. You may also be offered a less competitive interest rate than is available elsewhere.

 

CAT standard
These are a set of standards proposed by the government aimed at ensuring a certain level of standard amongst financial products such as mortgages and ISAs. Whilst they are a sign that a lender or provider is a reputable business and offers products that are of a certain quality, a CAT mark does not ensure that a product is the most suitable one for you.

 

CCJ - County Court Judgement
A County Court Judgment (CCJ) is action usually taken for the non-payment of an outstanding debt and adjudged in a County Court. When an individual has a CCJ registered against them, it will remain on their credit file for 6 years. When the debt has been paid, the individual may have the debt marked as being 'satisfied'.

 

Clear title
There are no legal complexities in regard to ownership of the property, the property ownership is clear.

 

Closure fees
This is a fee at the end of your mortgage term.

 

CML
Council of Mortgage Lenders. Building societies, banks and other lenders are members of this trade organisation.

 

Collateral security
Additional security a borrower supplies to obtain a loan.

 

Collateral
Assets or property the lender can sell to repay the loan if the borrower does not keep up with the mortgage payments. The home is used as collateral on a mortgage, if the borrower does not repay the loan the property can be repossessed.

 

Commitment
A promise by a lender to make a loan with specific terms for a specified period.

 

Commitment fee
A lender fee charged when a loan commitment is made.

 

Common law
A body of laws based on custom, usage and rulings by courts in various jurisdictions.

 

Comparative market analysis
Estimated value based on analysis of similar properties.

 

Competent
Legally fit to enter into a sales contract with a lender.

 

Completion date
The point at which contracts have been exchanged and legal transfer of the property from the seller to the buyer is finalised. The buyer can take possession of the property from this day.

 

Completion statement
A statement, prepared by the seller, stating exactly how much the buyer should be paying on completion.

 

Completion
The final stage of the house buying process. The sale must proceed after Exchange, but Completion occurs when the property's agreed sale price (less any deposit already paid) safely reaches the seller's bank account.

 

Compulsories
Some lenders require borrowers to use there buildings insurance. However this is not always the most cost effective so it is worth taking this into consideration.

 

Conclusion of missives
Scottish term for exchanging contracts.

 

Consumer credit act
Legislation defining the rules relating to lending money. Created to protect the borrower.

 

Contents insurance
This protects your belongings and possessions that are not part of the fabric of your house. Contiguous lots Pieces of property that are adjoined.

 

Contingency
A condition that must be met before a contract is legally binding.

 

Contingent fee
A fee that must be paid if a certain event occurs.

 

Contract
A legal document between two parties confirming any sort of agreement such as terms of sale, employment or service.

 

Contractual liability
Contract terms which must the borrower must abide to. There can be financial and legal action if the terms of the contract are not met.

 

Contribution
An amount of money paid into an account. This can be a 'one off' payment or on a regular basis.

 

Conventional loan
A long-term loan a lender makes for the purchase of a home.

 

Conveyance
The transfer of title of property.

 

Conveyance tax
A tax imposed on the transfer of real property.

 

Conveyancer
A specialist in the legal aspects of buying a house. This may be a solicitor but not all solicitors are skilled conveyancers, so be sure they undertake this type of work regularly as it is complicated and very important.

 

Conveyancing
The legal process involved in buying and selling property. Involves the transfer of ownership from one party to another.

 

Conveyancing fees
A fee charged by a solicitor or licensed conveyancer for arranging the necessary legal work in transferring the ownership of a property. The total cost of the legal work also includes profit cost, stamp duty, land registry fees and disbursements.

Cooperative project
Multiple ownership where the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, this gives the resident the right to occupy a specific apartment or unit.

 

Council of Mortgage Lenders
The Council of Mortgage Lenders, which represents 98% of UK residential lenders and promotes good lending practices

 

County court fee
This is charged when a lender provides information to solicitors relating to county court rules when your mortgage payments are in arrears. Costs £25 - £30.

 

County Court Judgement
Following a County Court Claim, if the figure is not disputed, or the case is unsuccessfully defended, the court will enter a judgement. This is usually for payment by installment or the entire sum to be paid immediately. A judgement may be set aside, varied and suspended on application to the court. Judgements are registered publicly with Registry Trust and held for six years.

 

County Court re-issue fee
This fee will apply when county court papers are re-issued by your mortgage lender to solicitors within three or six months of the issuing of the original information. Costs £25 - £20.

 

Credit averse
When a borrower has a poor credit history, has previously been declared bankrupt or has outstanding County Court Judgements, they are often described as credit averse. People with averse credit ratings often have to pay higher interest rates on a mortgage.

 

Credit history
If you have a history of bad debts, county court judgements or bankruptcy to your name, you may not be eligible for a mainstream mortgage. To help ensure you are a good credit risk, a lender may require references from your existing lender, bank or landlord.

 

Credit period
The time frame for which the lender agrees to provide you with credit.

 

Credit rating
The degree of credit worthiness assigned to a person based on credit history and financial status.

 

Credit reference agency
The credit reference agency holds files on the borrowing records of nearly every adult in the UK. This information is collated from a variety of sources. They can hold information about late payments, defaults, county court judgements and bankruptcy orders. This information can be held for up to 6 years

 

Great Rates Available Today On Secured Loans