Industrial financial This is a loan used to buy a commercial premises. The property itself is used as security to protect the lender from non-payment.

An enthusiastic endowment coverage aims to build-up a profit sum large sufficient to pay off the borrowed funds at the end of the loan identity

Commercial remortgage A commercial remortgage is a new mortgage loan that’s agreed on commercial premises without actually moving. This can either be with the existing lender or a new one. Surplus funds from new loan can be used for improvements or debt consolidation.

Conclusion This is the final stage of the conveyancing process, when legal ownership of a property transfers from one person to another.

When you submit an application for a mortgage, the financial institution commonly assess the job and you will award ‘points’ depending on their responses

Conveyancing This is the term used to describe the legal process of buying and selling property and involves the transfer of the title deed from one owner to another.

County Judge Judgement (CCJ) This is a judgement made in a County Court for non-payment of a debt. If a CCJ isn’t settled within 30 days of the judgement, it will appear on the credit register for the next six years.

Credit line Companies that take out a mortgage for commercial purposes can sometimes establish a credit line with their lender for future lending purposes.

Credit score The total number of points you are awarded is known as the ‘credit score’. Those with low credit scores may be refused credit terms.

Borrowing Reference A lender can request a report from one or more of the main Credit Reference Agencies in the UK. This will detail your recent credit applications. It will also show whether you have missed payments and highlight other credit concerns.

Debt consolidating Using one new loan to pay off other debts. A remortgage is often used for this purpose, as the interest rates charged on mortgages are generally much lower than other forms of debt.

Decision-in-concept A lender can normally tell you if you are likely to be successful in applying for a loan by giving you a ‘decision-in- principle’. This is not a formal mortgage offer.

Put When buying a property, a deposit will normally have to be paid in advance towards the total cost. Generally, this is 10% of the purchase price.

Disbursements (conveyancing) Fees charged by a solicitor to cover costs working on your behalf. An exmple might be Local Authority Searches.

Dismiss Cost Price of a property that has been reduced below the open-ple of this might be a Right to Buy.

Disregard RateA rate of mortgage appeal which is discounted, or ‘discounted’, for a price underneath the lender’s Important Varying Rates (SVR). An example would be a two% discount for one year.

Guarantee This is the difference between what is owed on the mortgage and what the value of the property stands at on the open market. If the property is worth less than is owed, this is called ‘Negative Equity’.

Employed/Personnel This is a person who has an open-ended contract of employment and has income tax and national insurance contributions deducted from their salary.

Endowment A type of long-term savings policy sometimes money loans online used to help repay an ‘Interest Only’ mortgage. It will also include life insurance to help repay the loan should the policyholder die before completion of the term.

Change (out-of deals)A type of long-term savings policy sometimes used to help repay an ‘Interest Only’ mortgage. It will also include life insurance to help repay the loan should the policyholder die before completion of the term. This is one of the final stages of a property purchase process, normally about 1-2 weeks before completion, when all the conveyancing is finalised, a mortgage offer is in place, the deposit is paid and a completion date has been set. When contracts have been exchanged, it is a legally obligation to buy the property and you could be sued for failing to complete.