Homeowner Loans Glossary
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Salary.
A regular payement made to an employee by the company they work for in return for time spent at work.
Second Mortgage.
A mortgage loan that is taken out on a property that is already mortgaged. It is a way of releasing equity from
your property without incuring the costs of changing your current mortgage (e.g. some first mortgages have incentives
such as fixed rates and there could be a charge to pull out of that agreement)
Secured Loan.
A loan which is secured against the property.
Self Certification.
The means by which a self employed person who does not have any accounts, can state his earnings.
Some lenders will use this to support an income multiple.
Self Employed.
A person is is not employed and works for him or herself. Directors of companies who pay themselves
with PAYE but own a certain percentage of the company, will sometimes be classes as self employed by lenders.
Settlement Figure.
The term used for the final sum requested by a lender to clear an existing loan.
Shared Ownership.
This enables a mortgagor to purchase part of a property when the remainder of the property
belongs to a housing association. Rent is paid on the remainder. The borrower is usually allowed
to purchase further parts of the property as and when he can afford to.
Sole Trader.
A person is is not employed and works for him or herself on their own.
Standard Security.
The Scottish equivalent of an English mortgage deed.
Standard Variable Rate.
A lenders main interest rate, it can change in line with the Bank of England Base Rate.
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