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homebuyservice.co.uk
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Definitions (32)
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annual percentage rate
The cost of credit paid by consumers expressed as an annual rate, which includes additional fees paid to obtain a loan.
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conveyancing
Conveyancing is the legal transfer of the title of a property from the seller to a buyer. It is possible in England for a conveyance to be carried out personally, but it is more common for each party to hire a solicitor or a licensed conveyor to carry out the legal business on their behalf.
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county court judgement
County Court Judgements are juridical orders that can be acquired in the event of outstanding debt arrears in order to make the debtor pay up
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deposit
A sum of money that is paid by the home buyer and is combined with a mortgage to reach 100% of the property value so the property can be bought. For example, on a house worth £100,000, the buyer may have to put down a deposit of 20% (£20,000) and the mortgage would then be for the remaining 80% (£80,000).
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equity
The difference between the total market value of your property and how much you owe the mortgage lender.
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equity loan
An equity loan is money borrowed in order to 'top up' a mortgage so that the buyer can afford 100% of the property. This means the total money spent could be 10% deposit, 70% mortgage and 20% equity loan. In the UK they are issued by the Government in order to assist the growth in the housing market through schemes such as the Help to Buy [..]
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financial advisers
People who are licensed to provide both individuals and businesses with financial/investment advice for their portfolios.
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financial services authority
The UK's independent financial body that protects your rights by regulating financial services.
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fixed interest rate
A fixed interest rate is one that is set on a loan and cannot change for a set amount of time.
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homebuy
A scheme whereby a range of home buyers are able to obtain home ownership at reduced costs due to individual circumstances.
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