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Capital and interest

In the context of mortgages, a capital and interest mortgage is also known as a repayment mortgage. It involves paying all of the interest plus repayment of a little of the capital each month; an interest only mortgage involves only paying off the interest.

Capped Rate

A mortgage which allows your interest rate to climb no higher than a specified level, usually for the first few years of the loan.

Cashback

A cash amount paid by a mortgage lender to a customer (typically at the beginning of a contract) as an inducement to enter into a mortgage contract with the mortgage lender.

Completion

The final stage of the house-buying process, which comes after exchange of contracts. The sale must proceed after Exchange, but Completion occurs when the property’s agreed sale price (less any deposit already paid) safely reaches the seller’s bank account.

Compulsories

This is shorthand for compulsory insurances. Some lenders, at least for certain mortgages, insist that you take out their buildings insurance – which needn’t necessarily be the most cost effective on the market.

Consumer Buy to let:

Buy-to-let mortgages that are driven by certain circumstances where the potential borrower (a) did not set out to borrow for business or investment purposes, (b) does not have any other buy-to-let properties and (c) is only looking for a remortgage. For this reason these mortgages are regulated giving you greater protection than with a business buy to let mortgage.

Contents Insurance

Insurance cover which protects the personal belongings your home contains. In the case of rented accommodation, the landlord is responsible for insuring those contents which he owns, but not those owned by his tenants.

Conveyancing

Normally carried out by a solicitor or licensed conveyancer on the buyer’s behalf, conveyancing includes proving the property is really owned by its seller, making sure that all the loans secured on it are discharged, establishing its legal boundaries and searching local planning information for upcoming developments which could affect the property’s value.

Council Tax

A local authority charge which replaced the Community Charge in 1993/94. Generally speaking, the more valuable your property is, the higher your Council Tax bill will be, although the amount for an identical property can vary considerably between different local authorities. In rented or buy to let accommodation, the tenants are usually responsible for the Council tax.

County Court Judgement (CCJ)

If a County Court rules against you for defaulting on a debt, that ruling is listed on your credit record. Having such a judgement listed against you may mean you are turned down for future loans, or be expected to pay a higher rate than other customers. The Scottish equivalent of an English CCJ is a Decree.

Credit Reference Agency

When assessing your application, a mortgage lender will study your credit records. These records are held centrally by credit reference agencies, and contain information from many different aspects of your life.

Current Account

A bank account linked to a cheque book and/or debit card. In exchange for instant access and the ability use cheque or debit facilities, most pay little or no interest on the balance they contain.

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1. First Charge - I understand that a first charge mortgage could be a more cost-effective alternative to a second charge and have considered this before proceeding.

2. Existing Mortgage Product - I am currently tied into a mortgage product with an early repayment charge if I choose to leave this deal early and I have investigated the possibility of a further advance from my existing lender.

3. Product Suitability - I understand that second charge mortgages may not be suitable in all situations and that advice will be provided by our second charge partner “The Loan Partnership” to help determine if this is the right solution for me.

4. Data Sharing Consent - I agree that my name and contact information can be shared with a trusted partner firm – The Loan Partnership – to receive personalised advice on second charge options.

5. Understanding of Risk - I understand the risks associated with securing other debts against my home and my home may be repossessed if I do not keep up repayments on a mortgage or any debt secured against it. I am also aware that by consolidating existing borrowing that I may be extending the terms of the debt and increasing the total amount I repay.

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*Please note that neither John Charcol Limited nor its Appointed Representatives are providing mortgage advice as part of this enquiry. Second charge mortgage advice will be provided by The Loan Partnership FCA ref 707809. If you need to investigate first charge mortgage options, please contact John Charcol via this contact form.

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