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- County Court Judgements (CCJs) / Defaults
- Mortgage Arrears
- Been a Discharged Bankrupt or Sequestrated?
- Had or currently have an IVA?
Switch Mortgages
Glossary of Mortgage Terms: L to O
Mortgage Terms Defined on this page:
Lender,
Loan Application Form,
Loan Calculator,
Loan Term,
Mortgage,
Mortgage Protection Insurance,
Net Income,
Non-Standard Lender,
Online Access,
Online Decision,
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:
Lender
A person, company or Financial Institution that money is borrowed from.
Loan Application Form
If you want to get a Personal Loan you need to complete a Loan Application Form. It will include basic details such as where you live and how much you earn.
Loan Calculator
An online calculator that uses a typical Interest Rate to work out the cost of a loan. You can put in the amount you would like to borrow and the time you would like to take to pay it back. It will then work out how much you would need to pay each month. Alternatively you can put in the amount you can afford to pay each month and the time you want to pay that for. The calculator will then work out how much you can borrow. The Interest Rate used in the calculation is only a guide and may not be the one you are offered if you apply for a loan.
Loan Term
The length of time over which a loan will be paid back. A longer Term means lower monthly payments because they amount you have borrowed is spread over more months. However, you will pay more Interest so you pay more money back in total. Also known as the Repayment Period or simply the Term.
Mortgage
A loan used to buy a property, where the property is used as a guarantee to secure the loan. If you fail to keep up repayments on a mortgage your home may be repossesed.
Mortgage Protection Insurance
A type of insurance to which will cover your monthly mortgage repayments if you can't because you are made redundant, have an accident or become ill.
Net Income
The amount of money you receive after tax has been taken off. The amount you earn each year before tax is deducted is called your Net Annual Income.
Non-Standard Lender
A Credit Provider who specialises in giving Credit to people who find it hard to get credit elsewhere.
Online Access
A service provided by some loan companies allowing you to view your loan account via the internet.
Online Decision
A service provided by some loan / mortgage companies where you fill out your loan application in an email or on a web page. They then give you a decision straight away by using and automated system. This service is not provided by Switch-mortgages.co.uk.
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.