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| Please select a letter to find a description i.e. for "interest" select "I" from the table below. |
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Debt |
| Money owed to a Lender or other financial institution. |
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Debt Consolidation Loan |
| The process of combining outstanding debts (e.g. loans, credit cards, other secured loans, etc) into one loan. Click here to see how BFS could help you to consolidate your debts. |
Decision in Principle |
| Most Lenders review an application or brief summary of a full application and can provide an ‘in principle decision', confirming that if certain conditions are met they will be able to accept the application. It is not to be confused with a formal loan or mortgage offer. |
Decreasing Term Assurance |
Refer to Reducing Term Assurance. |
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Deeds |
| Legal documents that prove ownership of a freehold or leasehold property. You will generally find that they include every deed transferring ownership of the property during the past 30 years. If the property is registered on Land Registry, a Land Registry Certificate replaces the title deeds. If there is a mortgage, the Land Certificate is replaced by a Charge Certificate. |
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Defaults |
When an individual fails to keep up with their loan payments that they have agreed to pay they are said to have defaulted on their credit agreement. The Lender generally issues an official credit default when a Customer has missed more than two to three payments consequently. A customer is always given the opportunity to clear their arrears before an official credit default is registered with a Credit Reference Agency. A credit default will adversely affect your personal credit rating. Non payment of a credit default can ultimately lead to receiving a County Court Judgment (CCJ) if the debt remains unpaid. |
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Demands and Needs Statement |
A Demands and Needs statement is presented after you have chosen or been recommended a non-investment insurance product. There are two versions of the Demands and Needs statement, an advised and non-advised version. An advised version outlines your insurance Demands and Needs and the details of why this insurance product was recommended to you. A non-advised version outlines what Demands and Needs the insurance product will meet. This document is an FSA requirement. |
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The amount of money you personally put towards buying a property. Whilst plans are available to lend up to 100% of property or valuation price, most products require either available equity or a deposit to be put down as part of the package. |
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Depreciation |
The decreasing value of an asset (e.g. a car) over a period of time. |
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Direct Debit |
A Direct Debit is an instruction from a Customer to their Bank or Building Society to make regular payments direct from their bank account. |
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| All the various legal fees charged by a solicitor for carrying out certain additional expenditive work (e.g. land searches) in relation to buying or remortgaging your home. |
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Discharge Fee |
An administration fee sometimes charged by mortgage Lenders to close a mortgage account. |
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Discount Purchase Price |
Price of a property that has been reduced below the open market value. An example is in the right to buy market. |
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Discounted Rate Mortgage |
This is a variable rate mortgage where the Lender reduces the normal rate for a set period of time at the start of the mortgage. This reduction is guaranteed for a specified time, sometimes for a certain number of years from the completion but more often until a set date in the future. Most Lenders offering a discounted rate will charge a Customer an increased redemption penalty if they settle their mortgage within the discount period. |
Dividend |
Money paid out to shareholders paid from company profits over a period of time e.g. annually, quarterly. |
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The overall cost for comparison is 10.8% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. Our rates start from 7.9% APR variable. We also have a range of plans with rates up to 17.5% APR allowing us to help customers even with the most severe credit problems. If you are thinking of consolidating existing borrowing you should be aware that you will be extending the terms of the debt and increasing the total amount you repay. A fee of between 0% and 10% of the loan may be charged depending on credit history and ability to prove income. The amount of fee will depend on your circumstances, however, we estimate that it will be 5% of the loan amount.