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firsttrustfinance.net
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Definitions (31)
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typical apr
The typical APR enables you to compare rates offered by other lenders that also offer Homeowner Loans. It is the Annual Percentage Rate at or below, which we expect that credit will be supplied to at least 66% of all customers that take out a loan with us, as a result of an advert we have produced.
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unregulated
Loans over £25,000 which are not regulated by any Acts or Associations.
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repayment schedule
This is the timing and amounts of your monthly loan repayments.
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secured loan
Also referred to as a Homeowner Loan. This is a loan specifically for Homeowners who can use the equity in their home to obtain a loan secured against their property.
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shared ownership
This is the percentage of your property that a local housing authority can own.
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total amount repayable
This is the total amount repayable to the lender over the lifetime of a loan, including all interest, fees and other associated charges.
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qualifying criteria
In order to be eligible for a First Trust Finance loan you must fit standard criteria. You must be over 23 years of age, be a permanent resident of the UK, be a homeowner with a mortgage and be in receipt of a regular income.
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payment protection insurance
This is insurance which can be purchased to cover you if you are unable to make your monthly repayments due to an Accident, Sickness, Unemployment or in the event of a Critical Illness or Death.
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loan to value
This is the amount you want to borrow against the actual value of your property.
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mortgage
This is a loan used to purchase a home or to pay for your existing home, where the property is used as security for the lender.
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