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GLOSSARY

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GLOSSARY - A


 Additional Loading
The added interest rate which a lender may charge extra and above its base rate, based on the consumer’s financial circumstances.
 Advance
Secured loan value to get hold of the funds.
 Application Processing Charge
Fees charged by brokers or lenders for the time spent in researching the mortgage market, and for the administration involved in ensuring your mortgage application are handled well. The fee is payable upon completion of the mortgage.
 ASU Insurance
This is an acronym of Accident, Sickness & Unemployment. Insurance to protect your monthly mortgage repayments in the event of you being unable to work due to one of the reasons specified in the insurance policy.
 APR
Stands for Annual percentage rate. A yearly rate of interest that comprises fees and costs paid to obtain the loan. By law, lenders are required to disclose the APR so that borrowers can compare the loan prices.
 Arrangement Fee
This is one-off fee charged by some lenders for setting up the mortgage
 Added To Loan
The costs involved for a borrower while arranging a mortgage can be added to the actual loan value. This includes mortgage indemnity fees and/or arrangement fees and/or administration fees etc.
 Additional Security Fee
This is a Mortgage Indemnity Policy and it is required when the mortgage exceeds a certain percentage of the value of the property i.e. where the Loan To Value (see below) is more than or around 70%..
 Administration Fee
Administration fee is a part of the arrangement fee and it will not be refunded by the lender if the mortgage does not proceed.
 Agricultural Restriction
This is a freehold covenant that prevents the occupancy of a property to those occupied in agriculture.
 Annuities
An annuity is similar to the reverse of a mortgage. Instead of getting lump sum and paying back monthly amounts to a home lender, a lump sum amount is handed over and monthly payments are received.
 Apportionment
The expenses like electricity, gas, council tax etc for the period in which you own the property shared between the buyer and seller of a property.
 Arrears
When mortgage payments are not paid on time and are not made for the correct amount, borrowers are said to be in arrears.
 Authority to Inspect the Register

This is official notification provided in writing from the registered proprietor allowing another party to be given information from the proprietorship register.

 

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