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A to Z of Mortgages

A useful glossary of terms and information to see you through the mortgage minefield.
Use the links below.

a b c d e f g h i j k l m n o p q r s t u v w x y z

Self-Certification - Several lenders will allow borrowers to self certify their income and no further checks on income are made. This type of scheme is useful to the self employed who may not have accounts available or any other person who has difficulty in proving their earned income. The lender will normally make checks on previous credit history and will require a clear credit search in addition to a good previous lenders reference.

Self-employed - This will usually cover anyone who is not paid under PAYE. In addition, for mortgage purposes, most lenders will class controlling directors as self employed or directors with more than a 20% shareholding. If this applies then the lender is likely to ask to see company accounts and to write to the companies external accountant for proof of income.

Stamp duty - This is a tax which is levied on the purchase of property. The tax is paid by purchasers and is currently levied at the following rates : 1% of property value £60000 - £250000, 3% of property value £250001 - £500000 and 4% of property value £500001 and above. The appropriate rate is paid on the whole purchase price and not just the excess applying to that band i.e. a purchase price of £350000 will attract £10500 stamp duty, being 3% of £350000. In certain areas the level at which you pay stamp duty has been raised and in some areas removed to encourage property ownership.

The above rates were announced on March 22nd, 2000 by the Chancellor in his budget speech.

Structural Survey - This is the most detailed type of survey report normally undertaken in connection with a House Purchase. If a Structural survey is opted for then the lender will also need to have a mortgage valuation carried out for their own purposes and the borrower will be responsible for both fees. An alternative may be a Home Buyers Report which will cover both the borrower and the lender but advice should be taken from a qualified surveyor who will be able to advise on individual properties and circumstances.

a b c d e f g h i j k l m n o p q r s t u v w x y z


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


Your Details - Please answer all questions on this form as accurately as possible.
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Your Mortgage Requirements - Please answer all questions in this section.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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I/we confirm that I/we have the consent of any third party whose details I/we may disclose to ("You") to disclose such details and to authorise You and the third parties referred to in the paragraph below to process such details for the purposes of assessing my/our application and administering and enforcing any subsequent loan which may be granted to me/us.

I/we agree that You and any lender resulting from this application (the "Lender") shall be entitled to use and process, by any medium, the information given by me/us in this application form and any other information about me/us which may be acquired during the lifetime of any loan ("the Data") for the following purposes:-

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first time buyer mortgages even when turned down elsewhere. Apply online now whether you have ccjs, mortgage arrears, poor or no credit history or simply an irregular income.

right to buy mortgages even when turned down elsewhere. Apply online now whether you have ccjs, mortgage arrears, poor or no credit history or simply an irregular income.

Expatriate Mortgages even when turned down elsewhere. Apply online now whether you have ccjs, mortgage arrears, poor or no credit history or simply an irregular income.

adverse mortgages even when turned down elsewhere. Apply online now whether you have ccjs, mortgage arrears, poor or no credit history or simply an irregular income.

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