Mortgage Deals Guide C
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Capital & Interest mortgage
This is also known as a repayment- mortgage. With a repayment -mortgage, the money you pay each month covers both the interest and capital of the loan. Therefore, at the end of the term you don't need any extra money to pay off the loan.
Capped Rate Mortgage
A capped rate mortgage has a maximum interest rate for a set term. The interest rate you pay can't go higher than the agreed capped rate, thus you know the maximum amount your monthly repayments could rise to. However, should the basic interest rate falls below the capped rate, the repayments will also reduce.
Cash Back Mortgage
This gives you a cash rebate on completion of the house purchase. The sum is usually either a percentage of the advance or a fixed sum. This cash back could be used help you to cover some of the expenses of setting up home but this bonus is often subject to higher repayment rates and may include penalties for repaying the loan early.
Cash ISA
The Individual Savings Account (ISA) was introduced on 6th April 1999. Individuals who are both resident and ordinarily resident in the UK for tax purposes and aged 16 and over are eligible to open an account. Returns from an ISA are free of income tax and capital gains tax. The maximum investment permitted per tax year is £3,600. ISAs can be instant access accounts (those which do not require any notice to be given to withdraw funds) or notice accounts (those where notice must be given to withdraw funds without penalty).
CCA
This stands for the Consumer Credit Act. This legislation sets the rules for the way in which UK banks and lenders may lend money.
CHAPS
This stands for the Clearing House Automatic Payment System. It is the electronic transfer of payment between two accounts.
Commercial Mortgage
Commercial Mortgages are used to purchase a business property or going concern, for the expansion of existing business premises or for property development. Commercial property, includes shops, public houses and farms.
Commission
This is an amount paid to a provider, or intermediary for placing business.
Completion
Once the purchase of a property, is complete and you are the new owner.
Conveyancing
The legal process, involved in buying and selling a property.
Credit Search
This, is a check a lender may take out to determine whether a person has any County Court Judgments or a record of not repaying debts.
Critical Illness Cover
This. insurance pays out if the holder is diagnosed with an illness covered by the policy.
Current Account & Offset Mortgage
A. current account mortgage allows you to operate your mortgage borrowing through a current account. This method enables you to save interest as your normal cash-flow will alter the outstanding debt. You will be required to pay your salary into the account. An offset mortgage allows you to keep your balances e.g. mortgage, savings, current account etc in separate accounts but all balances are offset against each other thus allowing the possibility of reducing the interest paid and could result in the mortgage being repaid early.
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Your home may be repossessed if you do not keep up repayments on your mortgage or other debt secured against it. You may have to pay an early repayment charge to your existing lender if you remortgage. The overall cost for comparison is 8.9% APR the actual cost will depend upon your circumstances.
We do not charge for our service. Some buy-to-let and commercial mortgages are not regulated by the financial services authority.
Mortgage Fix Ltd is a no longer a whole-of-market UK Independent Mortgage Broker. Full details of other advisers are available at the FSA web site www.fsa.gov.uk/register.
