Glossary
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Flexible Mortgages
A type of mortgage or remortgage where you can make extra payments and even under payments without paying a charge or penalty.
LTV
A Loan to value. This is the size of the mortgage as a percentage of the property or the price you are paying for the property.
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Base Rate
The base rate, sometimes referred to as the repo rate is the minimum rate at which banks are prepared to lend money - it acts as the benchmark for other interest rates, including personal loans and mortgages.
The high street banks" base rate changes following the Bank of England"s signals through its daily money market operations.
The central bank moves base rates by changing the dealing rates at which it buys bills from the discount houses.
CCJ
County Court Judgement. A decision reached in the County Court which can be for not paying debts. If too many CCJ’s are accumulated, you could be forced to declare yourself bankrupt.
Fixed Rate
A fixed rate of interest for the lifetime of the mortgage, or a specified period of time agreed with the lendor.
Flexible Mortgages
A type of mortgage or remortgage where you can make extra payments and even under payments without paying a charge or penalty.
FTB
First Time Buyer
LTV
A Loan to value. This is the size of the mortgage as a percentage of the property or the price you are paying for the property.
