We could help even if you have:
- County Court Judgements (CCJs) / Defaults
- Mortgage Arrears
- Been a Discharged Bankrupt or Sequestrated?
- Had or currently have an IVA?
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Glossary of Mortgage Terms: A to B
Mortgage Terms Defined on this page:
Adverse Credit, AER, Applicant, APR,
Arrangement Fee, Arrears,
Bad Credit, Bank of England,
Bank of England Base Rate, Black Listed,
Buildings Insurance, Buy-to-Let.
Please see further definitions on the pages below:
A-B, C, D-E, F-G, H-I-J, L-M-N-O, P-Q-R, S-T-U-V-W-X-Y-Z.
Definitions:
Adverse Credit
A phrase used to describes the situation when you have had problems related to credit in the past. These problems could be missed mortgage payments, CCJs or other issues to do with paying back credit. Also known as Bad Credit or Poor Credit.
AER
An Accronym that is short for "Annual Equivalent Rate". AER illustrates the interest rate if it was paid and compounded each year. Normally used in relation to savings accounts.
Applicant
The person who is applying for a loan. You become known as an Applicant as soon as you have submitted your completed application form.
APR
An Accronym that is short for "Annual Percentage Rate". It is a way of expressing how much you actually pay for a loan each year so that you can compare offers. It takes into account the Interest you pay, how often you pay it and other charges such as Arrangement Fees. The higher the APR the more you pay. APR is usually used in relation to borrowing.
Arrangement Fee
A charge levied by a mortgage lender for setting up a loan.
Arrears
A debt that is has not been paid on time. Usually used to describe missed repayments on a loan.
Bad Credit
A term used to describes the situation when you have had problems related to credit in the past. These problems could be missed mortgage payments, CCJs or other issues to do with paying back a loan. Also known as Adverse Credit or Poor Credit.
Bank of England
The central bank of England and Wales. It is the bank's bank and was set up in 1964. It regulates the UK banking industry and in 1997 the government gave it the responsibility for setting Interest Rates.
Bank of England Base Rate
The Interest Rate that the Bank of England charges banks and building societies when they lend them money.
Black Listed
A term used to describes the situation of having a note on your Credit File saying that you have had serious problems in paying back Credit or bills.
Buildings Insurance
An insurance covering the rebuilding or repair of the structure of a building. It covers your home against disasters such as fire, flood and subsidence. You must have Buildings Insurance in order to get a mortgage because your home is their security against the loan and they want to know that it is protected.
Buy to Let
If you want to buy a property and rent it out (also known as letting it) as an investment it is known as a buy to let. Many people who do this already have a home and a mortgage so a special buy to let mortgage is needed.
Please see further definitions on the pages below:
A-B, C, D-E, F-G, H-I-J, L-M-N-O, P-Q-R, S-T-U-V-W-X-Y-Z.
Poor Credit Mortgages
Self Certification Mortgages
Specialist help for Self Employed People:
- Income - but can't prove it?
- No accounts / Self Employed?
- Self Certify your Income.
- Get help switching self certification mortgages.
Right to Buy Mortgages >>
Get help finding a right-to-buy mortgage.
- If you have been a secure council tenant for at least two years you may be eligible to buy your council home at a reduced rate.
- We can help you find a suitable mortgage if you are ready to buy your council home or want to re-mortgage.