Alexander Hall Mortgages Mortgage jargon buster Mortgage terms beginning with S

Mortgage jargon buster

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Second Charge

The subsequent charge to the First Charge. See First Charge.

Self Build

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.

Self Certification

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.

Self Employed

A person who operates as a sole trader or in a partnership, such as small retailers or professionals such as accountants or dentists.

Shared Equity

A scheme whereby a person purchases part of a property and the other part is held by a developer.

Shared Ownership

A scheme similar to shared equity, but in which the second part of the property is owned by a housing association.

Sitting Tenant

A person currently renting and occupying a property, and who is legally protected against being removed.

Sole Occupancy

A property that is occupied (lived in) by only the mortgage applicant(s) and their direct family.

Special Conditions

Conditions attached to your mortgage offer that are specific to your application.

Stamp Duty

A government tax paid by the buyer of a property, which ranges between 0% and 12% depending on the value of the property.

Standard Construction

A building that has been constructed using conventional techniques and materials, for instance bricks and stone with a tiled or slate roof.

Standard Variable Rates

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.

Start-up Business

Any business that does not have accounts dating back three years.

Structural Survey

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.

Studio Flat

A property that consists of one main room, plus usually a separate bathroom and sometimes a kitchen.

Surrender

The conversion into cash of money held in an investment vehicle.

Survey Fee

The fee payable to a surveyor for surveying a property.

Surveyor

A professional person qualified to estimate the value of land and property.

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