Key Financial Terms

A

Ability To Pay
Acceleration Clause
Acceptance
Accident Insurance
Accident, Sickness and Unemployment Insurance
Additional Principal Payment
Additional Security
Administration Charge
Advance
Affordability
Affordable Housing
Agreement In Principle
Annual Bonus
Annualised Percentage Rate (APR)
Annuity Mortgage
Arrangement Fees
Arrears
Arrears Fee
Asking Price
ASU
Audited Figures

B

Bankruptcy
Bank Rate
Base Rate (BBR)
Basis Point
Benefit Period
Booking Fees
Boom and Bust
Breach of Contract
Breach of Covenant
Bridging Loan
Broker
Broker Fee
Building Societies Association (BSA)
Building Society
Buildings Insurance
Buy to Let Mortgage

C

Capital gains
Capped Rate Mortgages
Cash Back Mortgages
Cash Buyer
CCJ
Certificate Of Deposit
Charge
Collection
Commercial Mortgage
Completion
Completion Date
Compound Interest
Contents Insurance
Conveyancing
Conveyancing Fee
Co-Ownership
Council of Mortgage Lenders (CML)
Council Tax
County Court Fee
County Court Judgement (CCJ)
Credit Averse
Credit Check
Credit Checking Agency
Credit Crunch
Credit File
Credit History
Credit Rating
Credit Reference Agency
Credit Scoring
Credit Worthy
Creditor
Critical Illness Insurance

D

Daily Interest
Debt
Debt Consolidation
Debt-To-Income Ratio
Deed
Deed of Covenant
Deed of Proxy
Deeds Release Fee
Default

Default Notice
Deferral Period Deferred Interest

Delinquency Delinquent Loan

Dependant
Direct Debit
Direct Lenders
Disbursements
Discharged Bankrupt
Discharged CCJ
Disclaimer
Discount Mortgages
Discount Period
Discount Purchase Price
Discount Rate

E

Early Repayment Charge
Endowment Mortgage
Equity Release Scheme
Equity Withdrawal
Estate Agent

F

Financial Adviser
Financial Ombudsman Service (FOS
Financial Services Authority (FSA)
Financial Services Compensation Scheme (FSCS)
First Charge
First Time Buyer
Fixed Rate Mortgages
Fixtures and Fittings
Flexible Mortgages
Forbearance
Foreclosure
Foreign Currency Mortgage
Forfeiture
Freehold
Full Structural Survey

G

Gazumping
Gazundering Gross Income

Ground Rent

Guarantor
Guarantor Mortgages

H

Higher Lending Charge (HLC)
High Street Lenders
Home Equity Loan
Home Information Packs (HIPs)
Homebuyer’s Valuation Fee
House or Flat Buyer’s Report
Household Insurance
Housing Association
House Price Inflation: The annual increase in house prices.
House Price to Income Ratios

I

Independent Financial Adviser (IFA)
Income Protection Insurance
Income Multiples
Individual Saving Accounts (ISA)
Individual Voluntary Arrangement (IVA)
Inheritance Tax
Interest Only Mortgages
Interest Rates
Interest Rate Cycle
Intermediary Mortgage Lenders Association (IMLA)
IPT

J

Joint Application
Joint Liability
Joint Mortgages

L

Land Registry
Land Registry Fee
Late Charge
Late Payment

Leasehold
Legal Charge
Legal Mortgage Fee
Lender
Lender’s Arrangement Fee
Lessee
Lessor
Liabilities
Life Company
Life Insurance
Loan
Loan Authority Search Fee
Loan Consolidation
Loan Illustration
Loan To Value (LTV)
Local Authority Search
Loyalty Bonus

M

Monthly Repayment
Mortgage
Mortgage Code
Mortgage Deed
Mortgage Term
Mortgage Payment Protection Insurance

N

National Association of Estate Agents (NAEA
National Landlords Association (NLA)
Negative Equity
New Build
Nominal House Price
Non Status Loan
Notice of Default

O

Offset Mortgages
Ombudsman for Estate Agents (OEA)
Open Market Value
Outstanding Balance
Overpayments

P

Payment Default
Payment Schedule
Payment Shock
Pension Mortgage
Portable
Previous Lender’s Reference
Prime Rate
Principal

R

Real House Price
Recession
Redemption
Redemption Charges
Refinancing
Remortgage
Remortgaging
Repayment
Repayment Mortgages
Repayment Plan
Reservation Fees
Restructured Loan
Right To Buy
Royal Institute Of Chartered Surveyors (RICS)

S

Search Fee
Second Charge
Second Home
Second Mortgage
Secured Loan
Self Build
Self Certification Mortgages
Self Employed
Semi Commercial
Shared Ownership
Simple Valuation
Sitting Tenant
Sole Occupancy
Special Conditions

Stamp duty
Standard Variable Rate Mortgages (SVR’s)
Stepped discount mortgage
Structural Survey
Sub Prime Crisis
Survey

T

Term
Term Assurance
Terminal Bonus
Tied Agents
Top Up Loan
Tracker Mortgages
Tracking

V

Valuation
Valuation Fees
Variable Rate Mortgages

W

Wealth Effect
Why are House Prices so Expensive in the UK



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