Lenders Mortgage Insurance Premium

Cash back mortgage - This is any mortgage where the creditor provides a type of cash back. As an example, they can quote 5% of your mortgage as cash back, so if you borrow a 100,000 mortgage, then once the mortgage had gone through the lending agent would give you a flat rate of 5,000 pounds to pay for whatever you want.

However there is usually a floor period that you need to remain with the investor before you need to repay REMORTAGE or you may have to repay them the outgo. This is a statutory framework for mortgage lending. Class CAT default loans proved not to be very much loved so you will probably find it quite hard to find one.

Life endowment insurance - This was a very much-loved saving scheme in the 1980s that ran alongside a pure interest mortgage and was used to pay back the principal at maturity. Equities - This is the variation between what your residence is couturier and the magnitude of security interest you owed.

For example, if your home is £100,000 and your mortgage is 90,000, your own capital is 10,000. If your home is however £100,000 and your mortgage is higher, say 110,000, then you are in £10,000 negligible own funds. Bailor - This is someone who will offer to back up or guaranty your mortgage so that if you fall behind on the loan, reputable lenders will be able to go after bailing for the cash.

Loan provider will want to evaluate the solvency of the guarantee. Increased Credit Limit (HLC) - Formerly known as Mortgage Indemnity Guarantee (MIG), but also formerly known as Mortgage Insurance Premium (MIP) or High Loan To Value charge. It is an insurance contract in favour of the creditor for which you have to make a payment.

Take, for example, if you lend 90,000 for a 100,000 pound home it's a 90% loan-to-value. They will then be charged a one-off charge for the mortgage indemnity guarantee. Then, if you fall behind with the mortgage, the mortgage provider will take possession of your home again and resell it. It will help to repay the interest on the mortgage loans - but not the principal.

It can help you find the right mortgage, insurance, money or retirement plan for your needs. Interests - In addition to repaying the amount you lent from the creditor, you must also repay interest. It can be charged every day, every month or every year, subject to the mortgage conditions you have stipulated.

Interest-only mortgage only - If you have an interest-only mortgage only, this means that you pay only the interest with each payout to the creditor. By the end of the mortgage period, you still have the same amount of principal that you raised. They should only pay into some kind of investments scheme as well as the interest repayments in the hopes that the investment will clear your mortgage debt at the end of the period - and hopefully give you a surpluses amount as well.

More risky than capital and redemption mortgages. Broker - This is the adviser who will help you find, select and request the mortgage. Mortgages Indemnity Guarantee (MIG) - Now formally known as the Higher Lending Charge (HLC), but also formerly known as the Mortgage Insurance Premium (MIP) or High Loan To Value charge.

It is an insurance contract in favour of the creditor for which you have to make a payment. Take, for example, if you lend 90,000 for a 100,000 pound home it's a 90% loan-to-value. They will then be charged a one-off charge for the mortgage indemnity guarantee. Then, if you fall behind with the mortgage, the mortgage provider will take possession of your home again and resell it.