GLOSSARY - C
Consumer Credit License |
License issued by the Office of Fair Trading to anyone providing credit, advising on debt or acting as an intermediary between a client and a provider of credit. |
Capital & Interest Mortgage |
The traditional method of repaying a mortgage loan. The monthly repayments made go partly towards decreasing the mortgage debt, and partly towards paying the lender's interest charges.
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Cashback |
The sum received on completion when you take out a Cashback mortgage. |
CCJ |
Stands for County Court Judgment, and is a decision for outstanding debt reached in the County Courts. |
Conveyancing |
The official process involved in buying and selling property. |
Cash Back/ Cash Reward |
Payment received from a company on completion of an obligation such as repaying a loan to a schedule. |
CeMAP |
An industry-recognized qualification stands for Certificate in Mortgage Advice and Practice. The CeMap examinations must be passed by a mortgage adviser before he can give unsupervised mortgage advice to the public. |
Completion |
The formal end of the mortgage transaction, when the money is handed over and legal formalities are completed. |
Consideration Period |
The time given to review the secured loan information after application is sent. |
Consolidation Loan |
Loans planned to pay off any existing debts, such as credit cards, hire purchase, store cards etc. |
Contents Insurance |
Insurance that covers the contents of a home, i.e. furniture, personal belongings against theft, and accidental damage. |
Credit History |
Report containing the behavior of an individual about money they have borrowed and how well they have repaid their debts. |
Credit Report |
The report prepared by a credit bureau and used by financial lenders to ensure an applicant's creditworthiness. |
Credit Score |
Ranking created by a lender of an individual's probable risk and therefore their willingness to lend to that individual and at what cost.
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Calculating Rebuilding Cost |
This is the cost of rebuilding your home in order to make sure that they have the right amount of buildings insurance, as the market value will always differ.
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Capital and Interest Mortgage |
The monthly payment made by the borrower includes a repayment of capital borrowed and an amount for the interest.
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Capped Rate Mortgages |
Capped rate mortgage is a cross between a fixed rate and a variable rate mortgage. The interest rate will never increase above a certain rate within what is known as the capped rate period.
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Charge |
The right of a creditor, the mortgage lender, to receive cash payment to cover the debt if the asset is sold.
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Charge Certificate |
The Land Registry provides a Charge Certificate to the mortgagee of the property who has registered title as a proof.
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Chattels |
Property of any kind other than freehold land.
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Chief Rent |
Small sum of money in rent payable by the owner of a freehold property to the Lord of the Manor similar to ground rent.
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Collateral security |
Security offered by a borrower to back up his intention to repay a loan.
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Completion |
The last stage in purchasing where the legal documentation is finalized and the lender has to sent the mortgage funds to the purchaser’s solicitor.
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Conditional Insurances |
Mortgage lender may insist on certain insurance products being taken out before granting you a mortgage.
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Contents Insurance |
Insurance involving items such as furniture; carpets, curtains; electrical goods and personal possessions, which may be removed from the home.
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Contract - Housebuying |
Legal binding agreement for sale between the seller and the buyer.
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Contract Race |
A situation that is peculiar to England & Wales, where a seller has received and accepted two or more offers on the property and will sell to whoever is ready to trade contracts first.
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Conveyancing Fee |
Fee charged by a licensed conveyer after the legal paperwork for transferring a property has been completed.
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Council Tax |
Bill sent to individual domestic properties every year - the amount payable depends on the valuation banding of the property.
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Covenant |
This is an agreement in the form of a deed binding both parties to the covenant to perform or not to perform certain proceedings.
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Credit Reference Agency |
Holds files on the borrowing records of nearly every adult.
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