Financial Guide

Free Valuation

Tue, 7 Aug 2007 14:33:41 +0100

A free valuation requires no up-front payment from the mortgage applicant whereas a refund will only be made when and if the mortgage application completes.

Free Legal Costs

Tue, 7 Aug 2007 14:31:43 +0100

More common on products aimed at the remortgage market but a frequent product 'enhancement'.

Cashback Mortgages

Tue, 7 Aug 2007 14:29:57 +0100

The Lender, as an incentive, will offer a lump sum of cash once the mortgage has been taken out.

Current Account Mortgage

Tue, 7 Aug 2007 14:27:10 +0100

A flexible mortgage linked to a current account.

Flexible Lifestyle Mortgage

Tue, 7 Aug 2007 14:24:31 +0100

A Flexible or 'lifestyle' mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary.

Default

Tue, 7 Aug 2007 14:20:03 +0100

Failure of an individual to make payments on a mortgage at the correct time or to not comply with the mortgage companies requirements.

County Court Judgements - CCJ�s

Tue, 7 Aug 2007 14:18:37 +0100

An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors.

Bankrupt - Bankruptcy

Tue, 7 Aug 2007 14:16:37 +0100

A corporation, firm or individual who, via a court proceeding, is relieved from paying all debts once assets have been surrendered to an appointed third party designated by the court.

Arrears

Tue, 7 Aug 2007 14:14:47 +0100

The amount the borrower is behind in his mortgage repayments schedule.

Adverse Credit

Tue, 7 Aug 2007 14:13:17 +0100

If a borrower has a history of poor credit usage then this is described as Adverse Credit.