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guide | Mortgage glossary
- paying off the mortgage, either to move to another property or at
the end of the mortgage term.
- see early repayment charge.
- known as accident, sickness and unemployment insurance - (ASU)
Insurance cover arranged by the borrower to protect against inability
to meet mortgage payments. This cover should more accurately be
described as accident sickness and redundancy insurance as unemployment
cover is generally seriously restricted to cover only events that
are entirely beyond the control of the insured person. Typical exclusions
include dismissal following professional misconduct and any act
of voluntary redundancy. The accident and sickness cover will also
be subject to major restrictions such as any act of self-injury
or any injury related to the use of alcohol or drugs.
- see sub menu.
- rearranging borrowings with a different lender, usually to obtain
more attractive terms or to raise fresh capital.
- payment which is not guaranteed but is still a regular part of
an employees remuneration. Lenders will normally wish to see evidence
of such payments being made on a regular basis, e.g. payslips or
P60s covering a period of months or years. See also: guaranteed
income.
- loan of under £25,000 regulated under the terms of the Consumer
Credit Act.
- arranging a loan on a property in which the borrower already resides.
Normally this involves redeeming an existing loan on the property.
See also unencumbered.
- refers to a property that was purchased under a Right to Buy legislation,
where the owner now wishes to remortgage whilst there is still an
outstanding discount remaining.
- payment received from an employer to be used towards the cost
of accommodation.
- payment made to cover interest or reduction in principal of a
loan; monthly amount due to the lender
- no longer working, either as an employee or on one's own account.
- investment of a lump sum which produces a regular income for a
retired person.
- option for council tenants to purchase the property in which they
reside, often at a discount proportional to the length of occupancy.
See separate sub menu for more information
- option for council tenants to purchase the property in which they
reside, often at a discount proportional to the length of occupancy.
Courtesy of UKMortgageangels.co.uk
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