GLOSSARY - S
Second Mortgage |
An additional mortgage taken out on an asset that already has a mortgage. |
Shared Equity |
This means that a borrower can purchase a new property with the builder as partner. |
Shared Ownership |
This allows the borrower to buy a part of the property and rent the other part of the property from the housing association. |
Structural Survey |
A complete report on the property planned to buy. |
Stamp Duty |
The one-off tax to be paid on the purchase properties worth over £125,000. |
Secured Loan |
This loan is available only to homeowners as it is secured on the home. |
Self-Certification of Income |
This is a written confirmation of the borrower's pay scale by the borrower, and the lender does not require a third party to provide this information. |
Solicitors |
They carry out all the legal work involved. |
SVR |
Standard Variable Rate is the way most lenders define their standard lending rate and is linked to the Bank of England Base Rate. |