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Mortgage in United Kingdom

GLOSSARY

A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms

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Gazumping
Where the seller subsequently accepts a higher offer from another purchaser after accepting yours just before contracts are about to be exchanged.

Gazundering
When a buyer offers the seller a lower offer just before contracts are about to be exchanged.

General Conditions
The standard conditions that apply to a contract, mortgage, etc.

Geographical Restrictions
Lenders may not offer mortgages for the purchase of property in certain districts or areas, typically those geographical areas that are regarded as high risk. Some smaller lenders may not offer loans for properties that are outside their local area.

Gross
Before tax.

Gross Annual Income
Total income received per year, before taxes are deducted.

Gross Income
Total income before tax.

Ground rent
The annual charge levied by the Freeholder to the Leaseholder. Applies only to Leasehold properties.

Growth
A growth strategy is one which seeks to maximise the capital value of your investment without the requirement to generate any minimum level of income. Any income may be reinvested.

Guaranteed Earned Income
Is income that you receive along with your basic salary that is not part of your normal basic pay under the terms and conditions of your employment but which you are guaranteed to receive.

Guarantor
A person who agrees to guarantee that a loan will be paid. The guarantor is therefore fully liable for the repayment of the borrowed debt if the borrower default. Sometimes used to support a borrower with insufficient criteria to qualify for a mortgage. Not all lenders allow Guarantors.

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Higher Lending Charge (HLC)
This is an insurance premium that you have to pay for some mortgages, usually when the Loan To Value is higher than a certain figure(more than 75%). It protects the lender to some extent if you default on the mortgage for any reason. It is important to understand that although you have to pay the premium, the lender benefits from any payout, and that if the payout doesn't cover their costs they may seek further money from you. With many mortgages you can add the Higher Lender Charge to the loan, unless this takes your Loan To Value over a certain figure. The insurer may pursue the defaulter for reimbursement of any money which have been paid out in respect of lenders claim. Not all lenders are charging these fees. also known as Mortgage Indemnity Premium (MIP); Mortgage Indemnity Guarantee (MIG); Mortgage Indemnity Fee; Mortgage Insurance (MGI); High Percentage Loan Fee; Additional Security Fee.

High Street Lenders
Mortgage providers based on the high street. These are mainly banks and building societies.

Holiday Home
A second property that is used for holidays and weekends and is not main address or place of residence. Lenders will typically charge a higher rate, or demand a larger deposit, on mortgages for a holiday home.

Home Buyer's Report
A surveyor's report which provides details concerning the condition of a properties fixtures. See also Valuation and Structural Survey. A Home Buyers Report usually has much more detail than a lenders Valuation Report and less detail than a Structural Survey.

Home Buyer's Valuation Fee
The fee payable to the Surveyor for producing a Home Buyer's Report.

Home and Contents Insurance
A joint term, referring to both buildings cover and contents cover. The two policies may or may not be bought from the same insurer.

Home Equity Loan
A method releasing capital from people's homes. see Equity Release

Home Improvements
Work carried out to improve your home.

House or Flat Buyer's Report
See Home Buyer's Report

Household Insurance
Insurance cover for your home. The two main types are building and contents insurance. see "Buildings Insurance" and "Contents Insurance."

Housing Association
A body of trustees or company that is established for the purposes of providing, building, improving or managing, or facilitating, or encouraging the construction or improvement of, housing accommodation. It does not trade for profit. Anyone wanting help with housing puts his or her name down on the housing association list which acts in the same manner as council house lists.

HMO
Homes of Multiple Occupancy.

A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms
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