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Alexander Hall Mortgage jargon buster Mortgage terms beginning with S
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The subsequent charge to the First Charge. See First Charge.
A mortgage that is taken out on a property still under construction. Typically the lender will only pay out the loan in stages, corresponding to the completion of various stages in the construction.
A mortgage whereby the borrower provides confirmation themselves of their income, rather than from an employer or company accounts. Typically the lender will charge higher rates of interest, or require a larger deposit.
A person who operates as a sole trader or in a partnership, such as small retailers or professionals such as accountants or dentists.
A scheme whereby a person purchases part of a property and the other part is held by a developer.
A scheme similar to shared equity, but in which the second part of the property is owned by a housing association.
A person currently renting and occupying a property, and who is legally protected against being removed.
A property that is occupied (lived in) by only the mortgage applicant(s) and their direct family.
Conditions attached to your mortgage offer that are specific to your application.
A government tax payable by the purchaser upon purchase of a property. Currently no stamp duty is applicable on purchases up to a value of £60,000, with the duty rising incrementally to a maximum of 3.5% on purchases above £500,000.
A building that has been constructed using conventional techniques and materials, for instance bricks and stone with a tiled or slate roof.
The 'standard' interest rate set by lenders, and which is subject to rise or fall (vary) at the discretion of the lender. The standard variable rate is the one that applies at the end of any fixed, capped or discounted period.
Any business that does not have accounts dating back three years.
A survey of the condition of a property, undertaken by a qualified surveyor, and for which the surveyor is responsible. A structural survey is the most detailed - and most expensive - of the property reports available.
A property that consists of one main room, plus usually a separate bathroom and sometimes a kitchen.
The conversion into cash of money held in an investment vehicle.
The fee payable to a surveyor for surveying a property.
A professional person qualified to estimate the value of land and property.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z