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
personal finance like
credit cards or
loans, please visit
cricket finance
| sealing fee |
|
Charge made for discharging the mortgage.
|
| |
| second mortgage |
| The taking out of a mortgage on a property which is already mortgaged. This can be used to raise capital if the property has significantly increased in value and would involve finance companies rather (More) |
| |
| secured loan |
| A loan where the borrower offers an asset to which the lender has access in the event of the borrower failing to make the loan repayments. |
| |
| secured loan |
|
This is a loan secured on a property, sometimes known as a second mortgage; it will usually be a second charge (the mortgage being the first charge).
|
| |
| solicitor |
|
The lawyer who represents the parties in a transaction who takes care of all the legalities
|
| |
| special conditions |
|
These are the conditions specific to the mortgage and are contained in the mortgage offer.
|
| |
| stamp duty |
|
This is a tax payable on purchases above a level set by the government. The amount depends on the purchase price of the property. Stamp duty may also be payable upon a remortgage where there is a (More) |
| |
| standard offer conditions |
|
These are printed conditions, which together with any special conditions, the mortgage offer and the mortgage conditions, form the terms of the mortgage.
|
| |
| standard variable rate (svr) |
|
This is a lenders own base rate. It is usually linked to either the bank of England base rate, Barclays base rate or LIBOR, although not necessarily. The SVR can change at the lenders will.
|
| |
| sterling loans |
| Sterling Credit Limited (sterlingloans.co.uk) is a leading provider of personal secured loans for homeowners in the UK. |
| |
| sub prime mortgage |
| you do not fulfil the terms of the lender they have deemed you as sub prime.
(see adverse mortgage) |
| |
