Mortgage Deals Guide S
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Sealing fee
The charge made by lenders when a mortgage is repaid.
Secured Loan
A secured personal loan is one in which some of your property (home, stocks and shares, etc) is held, by the lender, as security for the amount you have borrowed. Secured loans usually offer lower interest rates than unsecured ones.
Self certified
Normally when applying for a mortgage you will be asked to provide pay slips or company accounts to prove your income. If it is difficult or inconvenient to provide this documentation, you can choose to self-certify your income. This involves signing a declaration which states your income sources and amounts. Lenders will usually charge you higher rates than average and offer you a more limited range of mortgages if you choose to self-certify your income. Your independent mortgage advisor will help you find the best self certified mortgages by comparing over 100 lenders and their lending criteria.
Stakeholder Pension
These are low cost pensions that have to adhere to government rules on charges, access and terms.
Stamp Duty
This is a tax that is payable by the purchaser on the purchase of a property. The amount paid depends on how much the property is purchased for. For properties with a purchase price of up to £175,000, no stamp duty is charged (this is effective until 2nd September 2009 inclusive). For properties between £175,001 and £250,000, 1% stamp duty is payable on the purchase price. For properties between £250,001 and £500,000 it is 3% and for properties over £500,000 it is 4%.
Stocks and Shares ISA
This is a tax-free savings vehicle in which you can invest up to £7,200 each year. You can invest either the full amount in a Stocks and Shares ISA account or up to £3,600 in a Cash ISA account and the balance up to £7,200 in a Stocks and Shares ISA account.
Sum insured
The amount covered by an insurance policy.
Surveyor
A surveyor is a person who is qualified to carry out valuations and surveys of properties.
SVR
This stands for Standard Variable Rate. This is the standard interest rate charged by lenders. The rate goes up and down (is variable) and your repayments will be adjusted accordingly. Today's best standard variable rates
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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.
