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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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Offer of Advance |
A formal document from the Lender stating how much it is offering to lend you and on what terms. The Borrower must sign and return a copy of the offer indicating their acceptance of the proposed terms. |
Office of Fair Trading |
| The OFT is the UK's consumer and competition authority. Their mission is to make markets work well for consumers. The OFT is a non-ministerial government department established by statute in 1973. OFT can be found at www.oft.gov.uk |
An independent professional body which is set up by law to help settle individual disputes between consumers and firms e.g. Financial Ombudsman Service found at www.fos.gov.uk |
Open Market Value |
The value of the property if sold in the open market between a buyer and a willing seller. |
Outgoings |
Your existing liabilities such as (credit cards, loans, etc…….), household bills (gas, water, electricity, etc………) and other standard monthly outgoings. Lenders assess outgoings in different ways to assess your ability to repay a loan. |
Outstanding Balance |
| The current amount of money owed on a loan account. |
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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.