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Mortgage Glossary of Terms

A brief list of some of the most common freeholder or landlord.
Mortgage terms. Liability
Adverse Credit This relates more to commercial
The term used if the borrower has a poor mortgages. With a commercial mortgage
credit history. This could include liability for the repayment of the loan
previous mortgage or loan arrears, depends on the legal structure of the
bankruptcy or CCJ's. Other terms used to business:
describe an adverse credit mortgage A sole trader will be personally liable
include: for the mortgage debt. Personal assets
Bad credit mortgage could be seized if the business defaults.
Poor credit mortgage Partners are jointly liable for the debts
Non status mortgage of the partnership and their personal
Credit impaired mortgage assets are at risk
No credit mortgage With a limited-liability partnership and
Low credit score mortgage a limited company, the liability falls
APR (Annual Percentage Rate) firstly on the business rather than on
The interest rate reflecting the cost of the individual partners and directors.
a mortgage as a yearly rate. The APR The lender may take a floating charge on
provides home buyers with the ability to business assets in general, rather than
compare different types of mortgages simply on the current property being
based on the annual cost of each. purchased.
Arrangement Fee The lender may also insist on personal
The fee you pay your Lender in return for guarantees as a condition of granting the
them providing you with a mortgage. loan, in which case the partners and
Usually paid on completion or with your directors may be held personally liable
application, these fees usually apply anyway.
when you take out a fixed rate, discount Life insurance
or cashback mortgage. If you have a joint mortgage, life
AST (Assured Shorthold Tenancy) insurance can be acquired that will see
A form of tenancy that gives the landlord the mortgage paid of should one of you
the right to repossess their property pass on.
after a set amount of time laid out in LTV (Loan to Value)
the tenancy agreement. New tenancies are The size of the mortgage as a percentage
automatically ASTs unless otherwise of the value of the property i.e. A £90k
stated. mortgage on a house valued at £100k
Assured tenancy would mean an LTV of 90%.
The landlord can charge a market rent MIG (Mortgage Indemnity Guarantee)
(the current rate for similar property in A one off payment made when you set up a
that area) and take back the property mortgage a kind of insurance policy for
under certain conditions, as set out in the lender. Thisoffers them protection
the Housing Acts of 1988 and 1996. against the value of the home falling to
Bridging Loan/Finance less than the mortgage. It is generally
Short term loan to enable the purchase of only charged to borrowers with a less
one property before the sale of another than 10% deposit, but this can vary.
essentially releasing funds that are Mortgage
required for the purchase. You should A loan to buy a property where the
always consult a professional before property is used as security against you
considering any bridging finance as it paying back the loan.
could be a solution that is worse than Mortgagee
the problem. The company or organisation that lends
Brokers Fee you the money.
A fee charged by an intermediary or Mortgagor
advisor for locating the most appropriate The person taking out the mortgage.
mortgage for the borrower. Non-Status
Buildings insurance Where a lender may not require income
Insurance you can take out when you buy a details from you or may accept some
property that will cover the cost of any previous poor credit history i.e. CCJ's
damage to the house and or contents.. or previous mortgage arrears.
Buy to Let Payment Holiday
A mortgage meant for those who wish to A period during which the borrower makes
purchase a property to rent out to no mortgage payments.
others. The decision on whether you are Regulated tenancy
able to repay this type of mortgage is A legal right to live in your
often based up on the future rental accommodation for a period of time. Your
income from the property rather than the tenancy might be for a set period such as
personal income of you the borrower. a year (this is known as a fixed term
CCJ (County Court Judgment) tenancy) or it might roll on a
A judgement reached in the County Court week-to-week or month-to-month basis
generally realted to non payment of a (this is known as a periodic tenancy).You
loan, mortgage etc debt in general. If are a regulated tenant if you moved in
you pay off the debt, the CCJ will be before 15 January 1989, you pay rent to a
satisfied and a note is put on your private landlord and your landlord does
records that states this. not live in the same building as you.
Chain Remortgage
A housing 'chain' made up of a number of The taking on of a second mortgage to pay
buyers and sellers, essentially the line off the first. The most common reasons
of buyers and sellers involved in each for doing this are that another mortgage
house move. is available at a better rate or that the
Charge value of the property has gone up
Any right or interest, especially with a allowing for the opportunity to borrow
mortgage, to which a freehold or more money against the property.
leasehold property may be held. Basically Right to Buy
a charge is the claim the lender has on For example, a tenant in a council owned
the property until the mortgage or loan property may purchase the property at a
is satisfied. discount depending on length of their
Completion tenancy.
The term used when the seller and buyer Self Certified
exchange the finances required to buy a Generally when a borrower applies for a
property through their respective mortgage he or she will be asked to
solicitors. At exchange of contracts a provide pay slips or company accounts to
deposit, usually 10%, will have been prove their income. If it is difficult or
paid. At this point the buyer becomes inconvenient for you to provide this
legal owner of the property. evidence, you can choose to self-certify
Conveyance your income. This involves signing a
The legal process in which ownership of declaration which states your income
the property is transferred from the sources and amounts. Lenders will charge
seller to the buyer. Generally undertaken you higher rates than average and offer
by a solicitor, or licensed conveyancer. you a more limited range of mortgages if
Early redemption fee you choose to self-certify your income,
If you decide that you want to sell your in general it's not a good idea to
property or remortgage then you will be self-certify just to avoid some
redeeming you mortgage early. Most paperwork.
lenders charge a penalty fee, especially Stamp Duty
during any period of a fixed, capped or Tax paid by the buyer of a property set
discounted rate. Be sure you are clear at 1% for properties over £60k, 3% for
about any potential penalties when you properties over £250k and 4% for
are about to take on a mortgage. properties over £500k.
Equity and negative equity Structural survey
The amount of value in a property that The most wide ranging check of the
isn't covered by a mortgage - simply take structure of a property. This is carried
the amount of the mortgage from the out by professional surveyor and should
valuation to work out the equity. vThis uncover any defects or faults with the
is where the money you owe on the building.
mortgage is greater than the value of Tenancy
your property. A legal written agreement between a
Exchange of contracts landlord and tenant that sets out the
The contract is a written agreement that terms of the rental.
lays out the terms between the buyer and Term
the seller. When both parties exchange The period of years over which you take
contracts, usually weeks before the mortgage and repay it.
completion, the deal becomes legally Term Assurance
binding. Often a deposit of around 10%, An insurance policy designed to repay the
is paid at this stage. mortgage on the death of the insured
Fixed Rate person. Level Term Assurance covers a
A set interest rate on a mortgage fixed principal sum throughout the policy term
for a period of time. This varies from and pays out the full amount on death.
lender to lender. Reducing Term Assurance is designed to
Freehold repay the balance outstanding on a
If you are the property owner outright repayment type mortgage upon death. Term
then your property is freehold. Most Assurance may also pay out early on the
houses are freehold wheres many flats are diagnosis of a terminal illness.
leasehold, since you are not the owner of Underwriting
the whole building containing the flats. The process of evaluating a loan
Gazumping application to determine the risk
If you are in the process of purchasing a involved for the lender. This involves an
property and your offer has been accepted analysis of the borrower's
but the seller gets a better offer, creditworthiness and the quality of the
before you complete, and takes it then, property itself.
you've just been 'Gazumped'. Unencumbered
Interest Only Mortgage Where the property is owned outright and
A mortgage whereby the borrower is only no mortgages or loans are secured against
required to pay inerest on the amount it.
borrowed during the mortgage term. It is Valuation
the borrowers responsibility to ensure A simple check of the property in order
that enough funds will exist (either to find out how much it is worth and
through an investment policy or other whether it is suitable to secure a
means) to repay the full mortgage at the mortgage against.
end of the term. Valuation Fee
Intermediary The fee paid by a borrower to cover the
A mortgage broker or advisor who finds cost of the lender checking that the
the most suitable mortgage for a borrower property is suitable security for the
and arranges the mortgage on their mortgage.
behalf. Variable Rate
Leasehold A type of interest rate the lender can
If you buy a leasehold property you don't charge. It goes up and down and your
own the property rather the right to live repayments change accordingly.
there for a specified period of time, Vendor
however much time remains on the lease. The person selling the property.
The owner of the property is called the




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