Non home owner loan glossary for UK tenants - www.non-home-owner-loan.co.uk |
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Non Home Owner Loan Glossary
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Salary.
A regular payement made to an employee by the company they work for in return for time spent at work.
Second Mortgage.
A mortgage loan that is taken out on a property that is already mortgaged. It is a way of releasing equity from
your property without incuring the costs of changing your current mortgage (e.g. some first mortgages have incentives
such as fixed rates and there could be a charge to pull out of that agreement)
Secured Loan.
A loan which is secured against the property.
Self Certification.
The means by which a self employed person who does not have any accounts, can state his earnings.
Some lenders will use this to support an income multiple.
Self Employed.
A person is is not employed and works for him or herself. Directors of companies who pay themselves
with PAYE but own a certain percentage of the company, will sometimes be classes as self employed by lenders.
Settlement Figure.
The term used for the final sum requested by a lender to clear an existing loan.
Shared Ownership.
This enables a mortgagor to purchase part of a property when the remainder of the property
belongs to a housing association. Rent is paid on the remainder. The borrower is usually allowed
to purchase further parts of the property as and when he can afford to.
Sole Trader.
A person is is not employed and works for him or herself on their own.
Sports Credit Cards.
A credit card with a picture chosen by the credit card holder to represent a particular sport (golf, jogging, football).
Standard Credit Card.
A standard credit card is a type of basic or classic credit card that most credit card issuers offer to credit card holders.
Standard Charge.
The Scottish equivalent of an English mortgage deed.
Standard Variable Rate.
A lenders main interest rate, it can change in line with the Bank of England Base Rate.
Store Card.
A type of credit card or charge card that stores and retail outlets or shops offer to customers. Store cards are often at higher
rates than credit cards but they offer special deals to clients including discounts, invitations to sales evenings.
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