Jargon Buster Youll find most of the legal and technical terms involved in mortgages, buying property and protecting your home, family and income here, however please contact our expert advisers if you need any further explanation or help. ***** C ***** Capital The amount you have borrowed on the mortgage, on which interest will be charged. Capped rates With a capped rate, you will pay a variable interest rate but your payments wont go above a certain amount for a set period of time. Cash back mortgages Cash back mortgages generally pay out a cash lump sum to the mortgage loan borrower upon the completion of the mortgage. CIC or Critical illness cover Will pay the policy holder a lump sum on diagnosis of a range of specified illness (refer to specific policy terms and conditions for further details) - the illness may vary but generally include the major illnesses like cancer, heart attack and stroke. Completion When you become the legal owner of the property. Completion fees Some lenders charge completion fees in additional to an application fee, although these fees are less common. Completion fees are usually charged on the day that the mortgage completes. Conveyancing The legal work involved in selling and buying property. dhhmortgages.co.uk/
Posted on: Thu, 22 May 2014 07:14:36 +0000
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