@PBS / SECURE LOGINA KFI requires all lenders to set out the details of all associated rates and fees for a mortgage product in the same format to enable customers to easily compare products.
A mortgage taken out by two or more people. This might be used if you buy a house with a partner or friend, and can also be used by parents who want to help their children buy a property.
An adviser who can help you arrange a mortgage. The Society welcomes applications from applicants directly or through a mortgage intermediary.
You only pay the interest on your mortgage each month, without repaying any of the capital loan itself. The idea is that you build up enough money to be able to pay off the mortgage at the end of the term in other ways – for example through investing in stocks and shares, pension, endowment […]
If you are borrowing more than 80% of the property’s value, we will arrange a mortgage indemnity policy. This indemnity policy protects the Society in the event of a loss experienced in the event of a repossession. The policy protects the Society and not the borrower, however, the premium is the responsibility of the mortgage […]
A tax-free savings account, into which the government pays first-time buyers a cash bonus towards the purchase of a property. For every £200 saved, the government will deposit an additional £50, up to a maximum of £3,000.
The government has launched a number of different Help to Buy schemes, including equity loans, mortgage guarantees, ISAs and specific schemes for Scotland and Wales. They all aim to make home-buying easier.
A third party who agrees to meet the monthly mortgage repayments if you are unable to. This is most common with first-time buyers, and the guarantor is usually their parent or guardian.
Where a buy will lower the amount of an offer that has been made to (the seller of a property), typically just before the exchange of contracts.
When an offer has been accepted on a property but a different buyer then makes a higher offer, which the seller accepts.