GLOSSARY - H
Higher Early Repayment Charge |
An extra charge above the normal early repayment charge if the mortgage is paid off within the special terms period. |
Home Buyers Report |
A brief property survey report used by the lender that has more information than a mortgage valuation but not a detailed structural survey report.
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Higher Lending Charge |
The one-off fee charged by some lenders when the LTV is more than or around 70%. |
GLOSSARY - I
ISA mortgage |
Taking out an interest-only mortgage and saving into an ISA fund to repay the borrowed capital sum. |
Income Multiples |
A guide to how much a lender will be prepared to advance in a mortgage based on a multiple of the borrowers income. |
IPT |
Insurance Premium Tax is a tax payable on all UK general Insurance policies that are subject to government change. |
ISA |
Individual Savings Account is an investment product that has certain tax advantages. |
Interest Only Mortgage |
A way of arranging a mortgage that works differently to Capital and Interest Mortgage by only paying the interest on the loan but no capital. The capital is normally repaid at the end by using an investment policy. |
Interest Rate |
The monthly effective amount paid on borrowed money. |
ifs,
school of finance |
A registered charity incorporated by Royal Charter to provide financial education to financial services professionals and to consumers in the UK. The examining body for the CeMAP exam. |