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Glossary of Mortgage Terms: C
Mortgage Terms Defined on this page:
Capped Rate Mortgages,
Cash Back,
Charge Card,
Charge-Off,
Charity Card,
Citizens Advice Bureau (CAB),
Completion,
Conditional Sale,
Consumer Credit Act (CCA),
Conveyancing,
Cooling-Off Period,
County Court Judgements (CCJs),
Credit,
Credit Agreement,
Credit Card,
Credit Check,
Credit File,
Credit History,
Credit Rating,
Credit Reference Agency (CRA),
Credit Repair Company,
Credit Report,
Credit Score,
Creditor.
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:
Capital and Interest Mortgage
A type of mortgage where your monthly payment goes towards paying off the money you've borrowed (the capital) and towards paying off the Interest your being charged by the Lender. This is usually called a repayment mortgage and one of the alternatives to it is an Interest only mortgage.
Capped Rate Mortgages
A mortgage where there is an upper limit that the Interest Rate cannot rise above. However, unlike a fixed rate mortgage the Interest Rate can go down if the bank lowers its rates. There may be a heavy charge if you want to pay off the mortgage if, for instance, if you wanted to move to another Lender within a set period of time.
Cash Back
This is a technique used by Lenders to try and persuade you to take out a mortgage with them. If you do you are given some cash back! It's usually up to £1000 but it could be a percentage of your mortgage. Don't feel that they have gone all soft and are being generous towards you though. You will almost certainly be paying for it somewhere in the deal you have got.
Charge Card
A payment card that is similar to a Credit Card except that the balance must be paid off in full each month. The most well known examples are American Express and Diners Club.
Charge-Off
A debt that a Creditor doesn't expect to be repaid. If a loan provider removes an account from its books it is described as a charge off. Also known as a write off, the outstanding balance is absorbed by the loan provider.
Charity Card
A Credit Card where a small amount of every pound you spend or a percentage of the interest charged is donated to a charity.
Citizens Advice Bureau (CAB)
A national network of independent advice centres that provide advice on a wide range of issues such as debt and consumer issues, legal matters, benefits, employment, housing and immigration. Their aim is to ensure that people don't suffer because they don't know their rights, responsibilities or the services available to them, or aren't able to say what they need.
Completion
This is the last stage in the mortgage procedure. The former owner has received their money and 'upon completion' you become the new legal owner get the keys to your new home!
Conditional Sale
A sale where the title of the property remains in the seller posession until some condition is met, such as, the payment of the full purchase price.
Consumer Credit Act (CCA)
The Consumer Credit Act is the law that deals with consumer credit and consumer hire agreements up to £25,000. It is aimed at protecting the consumer and among other things it defines how loans may be advertised, the Terms And Conditions of the Credit Agreement and how the APR is calculated.
Conveyancing
The process of passing the legal ownership of a property from one person to another. This involves contracts, property searches and other legal requirements and is usually carried out by a solicitor.
Cooling-Off Period
A period of time within which you are allowed to change your mind about taking out a loan and cancel it.
County Court Judgements (CCJs)
A County Court Judgement or CCJ is a court order against someone who has borrowed money instructing them to pay it back. CCJs are also considered a black mark on your credit rating, if you have CCJs, it will affect your ability to borrow money from other lenders or affect the rate at which you can borrow money.
Credit
A legal agreement where you receive something valuable now and promise to pay for it later. If the thing is money then it's known as a Loan. If it is a product or service then you are said to have bought in on credit.
Credit Agreement
A legally documented agreement allowing you to pay for something at a later date.
Credit Card
A Credit Card is a payment card that allows you to withdraw cash or buy goods up to an agreed limit. You can settle the amount you have borrowed by a specified date and pay no Interest. If you don't settle any or only part of the sum you owe then Interest is charged on the outstanding balance. You have to pay an annual fee for some Credit Cards.
Credit Check
The process of a Lender looking into the Credit History of a person to see if they are suitable for a loan. This is usually done through one of the major Credit Reference Agencies such as Equifax or Experian.
Credit File
A record of your Credit History held by a Credit Reference Agency. This shows details of the money you have borrowed and whether or not you paid it back on time. Included will be whether you make bill and credit repayments on time and information on each time you have applied for credit. You can get a copy of your Credit File by applying to the Credit Reference Agency and paying a few pounds. Also known as you Credit Report.
Credit History
Details of what you have borrowed in the past and how you have repaid your debts. Your Credit History is held on your Credit File by a Credit Reference Agency such as Equifax or Experian.
Credit Rating
An assessment of a persons Credit History as the result of a Credit Check expressed using a scoring system such as A, B+ or C-. A person with an A Credit Rating is thought to be more likely to pay a loan back than a C.
Credit Reference Agency (CRA)
A company that maintains a database of the Credit History of individuals so that Lenders can assess whether or not they want to let them borrow money.
Credit Repair Company
A company that claims to be able to remove items from your Credit Report that may cause problems when you are applying for credit.
Credit Report
A report by a Credit Reference Agency showing your Credit History. It contains information on the money you have borrowed and whether or not you paid it back on time. It will include whether you make bill and credit repayments on time and details of each time you applied for credit. If you pay a few pounds to the Credit Reference Agency you can get a copy of your Credit Report. Also known as you Credit History.
Credit Score
Your Credit Score is an internal measurement used to determine your creditworthiness by a lender, bank or building society. Points are given for different things, such as your income, unpaid bills and current expenditure. The total of these points gives the lender an indication of how likely you are to pay a loan back. A credit score is different than a credit rating because it is an internal measure used by financial institutions and is kept for internal use.
Creditor
A person or business to whom you owe money.
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.
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Specialist help for Self Employed People:
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