Here we explain some of the terms you may come across while arranging funding for your home improvements.
APR
Annual Percentage Rate. This shows the true rate of interest charged on a loan, taking into account the total cost of interest and other charges such as the broker’s fees/legal fees. The APR calculation is set out in statutory regulations.
Cashback
This is a type of loan through which the borrower is given back a sum of money (usually a percentage of the loan). Lenders use it as an incentive to promote their products.
CCJ
County Court Judgement. An order of a court against a debtor to pay money owed.
Life assurance
This type of life insurance policy is often linked with a mortgage or loan. A proportion of the premium goes toward insuring your life and will pay off loan in the event of your death. The rest is invested and will pay a lump sum at the end of the term.
Level term assurance
This is life assurance which pays out a lump sum if you die during the term. It is suitable for interest-only loans as the amount owed on the loan remains the same throughout the life of the loan.
Capped rate
This is usually for a set number of months or years where the interest rate can go up and down but there is a maximum (capped) interest rate above which it can not go.
Variable rate
A rate of interest, which may go up or down during the lifetime of a loan. The circumstances, which will cause a change, are outlined in the loan conditions.
Settlement figure
The sum quoted in order for the loan to be repaid during the contracted term.
Discounted Rate
A discounted rate gives you a reduction of, for example, 2% off the standard variable rate (SVR) for a specific period. So if the SVR should rise and fall during this period, you will still qualify for the discount and therefore pay a lower rate.
Term
This is the period of a loan expressed in months or years.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
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