Build up your knowledge by using our
mortgage glossary, here to help you
understand the sometimes confusing terms
used to describe mortgages and other
financial related products. We have
laid out our glossary in an easy to use A-Z
Format. If you have any additions you would
like to see, please feel free to contact us
with your ideas. If you are looking for
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| capital repayment mortgage |
| (Also known as a capital and interest mortgage). With this type of mortgage the applicants repay part of the capital each month plus interest on the outstanding amount over an agreed number of years a (More) |
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| cash flow |
| The amount of money which flows in and out of a business, the difference between the two being the important number. If more money flows into a business than out of it, it is cash positive. If more mo (More) |
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| caveat emptor |
| Latin for 'let the buyer beware'. This implies a buyer must ensure that goods about to be purchased are free from defects and that he/she bears the risk.
It is particularly relevant in property tra (More) |
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| certificate of title |
| (Also known as Report on Title). The document prepared by the solicitor for the lender confirming all formalities are satisfactory, prior to completion.
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| charge |
| Secured lending on the property.
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| clearing house |
| An independent organisation, appointed by an exchange, which guarantees securities transactions.
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| clearing house automated payment system (chaps) |
| A computerised payment system for clearing cheques in the UK. |
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| collateral |
| An asset pledged as a guarantee to a lender until a loan is repaid. If the borrower defaults, the lender has a right to sell the collateral asset.
An example of a type of financial collateral that (More) |
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| commercial bank |
| A retail bank, such as Barclays, Lloyds TSB, HSBC or Nat West which provides services to companies and individuals in the form of current, deposit and loan accounts plus a variety of other financial s (More) |
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| commercial mortgage |
| A mortgage on a non residential building occupied by a business. |
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| completion |
| The formal conclusion of the transaction when the mortgage monies are handed over and legal formalities are dealt with.
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| conforming mortgage |
| A Mortgage which meets the standards of the lender |
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| contract |
| A legal agreement between purchaser and seller, which binds both to complete the sale and purchase of the property. It is prepared in duplicate and each party signs a copy. When a solicitor exchanges (More) |
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| county court judgement (ccj) |
| This is where a county court will make a decision over an outstanding debt, and order that payment must be made, usually in monthly instalments. CCJs will appear on the credit file and will be marked (More) |
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| credit rating |
| A rating used by banks, insurance companies, mortgage companies and other financial institutions making loans which they use to judge an individual or company's credit worthiness.
Depending on how (More) |
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| credit reference agency |
| An agency which holds information about the credit reliability of consumers and makes the information available at a fee to companies offering credit terms (e.g. credit card companies, mail order comp (More) |
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| creditors |
| People or companies who are owed money by debtors |
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