| Home About Us Apply On-line Call Me Back Secured Loans Homeowner Loans Consolidation Loans Customer Testimonials Lender Testimonials Loan Jargon Buster Latest Loan News Loan Purpose My Situation |
|
 |
|
 |
|
|
|
 |
|
 |
| Please select a letter to find a description i.e. for "interest" select "I" from the table below. |
 |
Sales Advisor |
| A Salesperson who will be able to provide advice to meet specific individual requirements. |
Self Employed Taxation code. |
A charge made by Lenders when a mortgage is paid off. |
  |
Second Charge |
A legal charge on a property that ranks after the First charge i.e. the mortgage. Most secured loans are generally also known as second mortgages. |
Second Mortgage |
Another loan on a property that ranks after the 1st charge. See second charge. |
Secured Loan |
A loan designed for the homeowner that allows them to use the value in their property as security, this is to protect the Lender in the event that the loan is not paid back. Because this protection is provided for the Lender, the interest rate that they charge is often lower than for an unsecured loan. |
Security |
When some loans are taken out they are secured on property, generally the Borrower's home. The Borrower agrees to the Lender creating a charge over the property, which means that if the Borrower does not keep up the repayments on the loan, the Lender can repossess the property and sell it to get their money back. The property used for this purpose is known as the security. The charge will be removed once the loan has been repaid. |
Security Address |
| The address of the property used as security for a loan. |
Self employed and people on higher rates of income tax must complete an annual tax return in which their income is self assessed. |
Self-Certification |
| In certain circumstances a Lender can offer a self-certification loan, this is generally for self employed Borrowers whose income is not easily provable e.g. halfway through the new accountancy year. The applicant will literally declare their income to the Lender. |
Self-Employed |
| A person who is not employed but own their own business or provide a business service on a self-employed basis. |
|
Seller |
| Person selling a property. |
Settlement Figure |
| The amount required to repay a secured loan early. |
Shareholders |
| People owning a part or share of something e.g. property. |
SHIP |
SHIP (Safe Home Income Plans) is a company which is dedicated to the protection of policyholders and promotion of safe home income and equity release plans. |
Sole Occupancy |
A property occupied by the Borrower and their immediate family i.e. no other tenants renting out the property. |
Solicitors |
Legal expert handling all documentation for the sale and purchase of a property. Solicitors or Licensed Conveyancers are required for all mortgage and remortgage transactions to carry out the legal work involved. |
| A tax you must pay when you are buying property that is priced over £125,000 and not in disadvantaged areas (£150,000 start here). The percentage you pay varies according to the value of the property and the area that you live in. |
| Standard Variable Rate is the basic rate of interest charged on a mortgage. This may change in reaction to market conditions resulting in your monthly repayments going up or down. |
Status |
The credit worthiness of a person borrowing money. See Credit Status. |
Subject to Contracts |
Words to indicate that an agreement is not yet legally binding. |
Sum Assured |
| The sum assured is the amount of life assurance that will be paid out on the death of a policy holder. When life assurance is used in connection with mortgages and loans, the sum assured is usually set with the aim of repaying the outstanding loan if the Borrower dies. |
Super Complaint |
| A super-complaint is raised by designated consumer bodies in reaction to a large amount of complaints being received on the same or similar issues. The complaint is sent to either the Office of Fair Trading (OFT) or a specific sector body to respond to within 90 days. Super complaints are readily acted upon by the OFT and generally lead to wide reaching reviews of a market or market sector in order to voice and protect consumer rights. |
|
Surveyor |
| Qualified person who conducts a property valuation for mortgage purposes or other related matters. |
SVR |
| Refer to Standard Variable Rate above |
 |
||||||||
 |
||||||||
|
||||||||
 |
||||||||
|
||||||||
|
||||||||
|
||||||||
|
||||||||
 |
||||||||
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.