1st Mortgage Loan

1. mortgage loans

Buster Jargon - Your Mortgage If a mortgage is in excess of a certain loan-to-value, the lender may demand extra collateral such as money or stocks. Amount of your mortgage/loan. There is a statutory obligation to provide a real annual interest rate with each loan. Rate of interest or nominal interest used to determine the interest due.

See Annualized percent . This is a charge levied by a creditor for establishing the loan. Delay charges Charges for delayed payment. This is the start asking prices for which the owners wish to buy or buy their properties. This is the trading organisation for UK mortgage intermediaries.

Selfemployment may be required to submit three years' numbers, which will be verified by an assessor in order to obtain a mortgage. Also known as Bank of England Base Ratio. Bank of England's base lending interest rates are the key interest rates for the UK. Brokerage Fees A charge made by an agent to the claimant for the negotiation of a loan.

Bausparkasse A reciprocal partnership held by its members (mortgage lenders and savers) and existing for the good of its members. A mortgage for a piece of real estate that the landlord wants to let private to a tenant. Proceeds from the loan are equal to the amount that will be subtracted from the new loan after the initial loan has been repaid.

The mortgage interest rates may not pass a certain value during a certain timeframe, but may vary above and below the stipulated levels. As a rule, the amount of money is expressed as a percent of the total loan amount, but can also be a fixed value.

Bar buyer person or person who does not need a mortgage to buy a real estate and who has no real estate to sale. There are very few creditors willing to provide credits to someone with an open or unclear judgment, and even if the judgment has been given, many creditors are likely to be willing to reject a mortgage or other loan request.

Credential Checking Agency A tool used by creditors to determine the degree of exposure to risks when granting loans. If the interest rates are used on a day-to-day instead of the usual month-on-month timeframe. Keep in mind that every times you request a customer voucher, loan facilities, or journal subscriptions, you give significant volumes of personally identifiable information to companies you can work with.

Borrowed capital due to the creditor. Certificate The deed proving that you are the proprietor of the real estate. This charge is levied by the creditor for the release of the documents of the pledged assets and their return to the landlord or his lawyer, usually when the mortgage has been paid back. Failure When a disbursement or set of disbursements are missing.

Accrual date A date range for a loan during which no repayment is required. Debt Loan A loan category in which part or all of the interest due by the debtor is added to the amount due, whereby the debtor owes substantially more than the amount initially received.

Debit entries can also be made for occasional payment, such as the purchase of stocks. Creditors who work with lower overhead costs through the use of call centers, mailings or Internet-based businesses instead of an expansive store chain. May also apply to creditors who do not resell their product through regulatory mortgage brokers.

Prepayment Compensation (ERC) A charge levied if you decide to defer or reimburse your mortgage before the expiry of an Agreed Maturity. Servitude A right of way that grants other persons than the owners the right to use a real estate for a certain use. A mortgage with an interest rate payout and a discrete deposit into an asset allocation fund that is intended to redeem the mortgage at maturity.

The amount collected by a creditor, agent or other intermediary for the purpose of negotiating a mortgage or real estate transaction. It is an autonomous non-governmental organization that governs the UK mortgage lending and brokerage industries. They protect deposit, policy, investment, brokerage (for transactions on or after 14 January 2005) and mortgage advisory and brokerage (for transactions on or after 31 October 2004).

Initial Charges A statutory fee used to cover the principal mortgage. Having a creditor with a first juridical burden on a real estate has a first call on all available resources from the sales of the real estate. First buyer A buyer who buys a real estate for the first year. A number of creditors provide preferred credit conditions for first-time purchasers.

Borrowers who have already own a real estate but have already resold it may be able to obtain buyers' conditions from some creditors for the first instance, but this depends on the creditor. A loan where the original payment for a specified term is made at a specified interest rates.

There is no movement in the interest to be paid during this time, irrespective of changes in the lender's floating interest rates. Mortgage flexibility Mortgage flexibility Available from some mortgage providers, mortgage flexibility allows you to make payments to pay back the mortgage early or to conserve it for a particular reason. Learn more about mortgage flexibility in our Mortgage Fundamentals section.

Failure A measure that a creditor can take to defer redemption or address questions of law against an overdue debtor. Expiration When an overdue debtor relinquishes his ownership interests. Real estate or sole ownership real estate, as distinct from lease ownership, where the lessee has the right to use the real estate or ownership only for a specified number of years.

Leasehold If you are a tenant, you will probably have to make a leasehold payment to the individual who holds the real estate. Mortgage lenders headquartered on high streets. Cottage A home that will not be your primary home away from home.

Homebuyer's Evaluation Fees This is the charge that is made for a basic poll of the real estate you wish to purchase. A more thorough investigation than the mere evaluation of the real estate by the creditor. Also known as the interest phrase, mortgage phrase or commodity phrase The interest phrase for your mortgage refers to the amount you pay the creditor to lend money.

Interest is quoted as a percent and charged by the creditor to make sure he gets the initial loan amount up to the end of the life (or earlier if you pay it back early) plus a spoil. The Intermediary Mortgage Providers Association (IMLA) is an association representing mortgage providers who conduct their businesses through mortgage agents or estate agents.

An introducer is an individual who implements a loan with a creditor. A mortgage request that includes more than one individual as a borrower. Shared responsibility Two persons who are liable for a loan or a indebtedness. You can do this after a transfer of owner or simply after a mortgage has changed. Delayed charge A charge levied by the creditor for delayed receipt of payment.

Delayed payments A disbursement received by a creditor after the due date. Rent The plot on which the real estate is constructed is not directly in the ownership of the real estate buyer and is rented for a specific time. As there are different kinds of cost of legal services and the kind of used will differ from creditor to creditor.

As a rule, a prime mortgage is backed by a first premium. Disclaimer of liability The disclaimer of liability of the creditor for the loss or damage of a real estate asset. Lenders An organization that provides mortgage services. This is the amount that has to be paid for the locality to find a Loan Authorities.

LTV The loan amount in relation to the real estate value as a percent. So, if a debtor is looking for a loan of 100,000 to buy a £200,000 home, he has a 50% value replacement loan. Investigations by locals should uncover any changes suggested in the area, the terms of the building permit for the land in question and whether the locals have delivered execution orders.

The name of the loan used to purchase real estate or for a loan backed by real estate. Legal documents on the establishment of a loan for real estate. The period of grace until the mortgage loan must be paid back. Adverse Shareholders' Capital A condition that arises when the amount lent against a real estate exceeds the value of the real estate.

May relate to a particular real estate or entire real estate. The value of a real estate on the open markets on the base of a willing purchaser and vendor that allows a suitable time for the sales. Expenditure This category covers current debt and debt that is not an outstanding mortgage, such as rental purchases, face-to-face credits, tuition etc.

The amount owed on your mortgage. Excess Repayments Flexibles allow you to make more than the normal payback per month to repay your mortgage faster and potentially saving a great deal of your valuable mortgage savings both in terms of timing and cash. A list of weekly installments under a loan.

If you have a mortgage on a low interest mortgage, you may face a pay grade snap when the low interest ends, when your redemption returns to a much higher interest then. Retirement mortgage The retirement mortgage is a pure interest mortgage in which the principal is paid back from the tax-free amount in cash that can be obtained from the retirement savings plan at the due date.

A mortgage that can be moved from one home to another. The best possible interest rates for the lender's most valued clients. A mortgage business provided by a creditor. This is a charge levied by a creditor for establishing the loan. Scammers can try to purchase the title to a real estate, either by using a fake document to convey it in their own name, or by indicating the name of the recorded proprietor.

Buy The buying of a real estate. Repayment This pays off either to switch to another real estate or at the end of the mortgage period. Repayment fees These are all fees charged by the creditor if the mortgage loan is paid back before its full maturity.

Here, borrowing is rearranged with another creditor, usually in order to obtain more favourable conditions or to obtain new equity. The mediation of a loan on a real estate in which the borrowing party already lives. Usually this is the repayment of an outstanding loan on the real estate. In contrast to pure interest rate mortgage loans.

Redemption schedule If you are late with your repayments, a creditor may try to re-negotiate your redemption schedule. This is a charge levied by a creditor for establishing the loan. If a creditor is offering re-negotiated conditions. Before you buy your home, you must ask your municipality if there are any schemes that do not influence the value of your home.

Collateralised loan A collateralised loan backed by your own belongings. As a rule, credits for self-constructed objects are paid in advance and are severely restricted in value. In the case of mortgages, these are business associates and professionals with unrestricted liabilities. co-ownership A way of acquiring real estate in partnerships with a residential real estate company.

Borrowers acquire part of the real estate and lease the rest from the residential real estate company. In most agreements, the minimal amount to buy is 25% of the value of the real estate, while the rest can be bought in 25% blocks . Easy valuation This will tell you only the value of the asset, not whether it is solid or not.

Seated lessee A party with a statutory right of occupancy, even if the real estate changes hands, who may submit an application to the municipality for an appropriate rental for it. Occupancy alone A real estate that is only used by the debtor and his immediate relatives. The base interest rates fixed by each mortgage creditor.

He may move up and down more or less in line with the bank's base rate, but the creditor has the right to fix it at any appropriate levels and to modify it as he sees fit. However, the creditor has the right to fix it at any appropriate levels and to modify it as he sees fit. 1. Creditors can request a static analysis in the case of real estate with movements. Expert Opinion An audit conducted in favor of the mortgage provider to ensure that the real estate provides good collateral for a loan.

These inspections should not be used as a basis for determining whether a real estate object should be purchased or not. Buyers should be recommended to obtain either a home or apartment purchasing statement or a full structure investigation before continuing with the sale. Maturity The mortgage maturity is the period of timeframe in which the mortgage loan must be paid back.

This is the easiest way of taking out your whole or part of a contract. In the event of the death of an Insured during the period of cover, the amount of cover will be disbursed. In the event that the policyholder lives through the duration, the premiums have been issued and the coverage ends with nothing being disbursed to the policyholder. Mortgage Terminal Bonuses This bonuses are payable at the end of a foundation mortgage and are dependent on the value of the mutual funds you use to pay back your mortgage.

They are therefore not completely autonomous and can only provide mortgage products from their trading partners. Top-ups are always debited with a higher interest than the first mortgage. Trackers mortgage A trackers mortgage follows the bank base interest rates fixed by the Bank of England and is calculated with a specified spread at this interest rates, e.g. base interest plus 2%.

Track A procedure for monitoring the status of a credit request. The information should be returned by the creditor or packer to the agent. Assessment A fundamental questionnaire conducted by an appraiser or expert to determine the value of your real estate. Evaluation Charges A charge usually made by the Mortgagor for the visit of the Real Estate by the Creditor.

Find out more about the appraisal charges on our mortgage fee page. Floating interest rates An interest that is not set but can go up and down.

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