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Deeds

The formal written document which lists exactly who owns a property and enables transfer of a property’s ownership from seller to buyer. A mortgage lender will record details of their mortgage on these deeds (which means they can take ownership of the property if you default on the loan payments).

Deposit

In the context of mortgages, the deposit is the initial lump sum payment which the buyer must contribute to the property’s total purchase price. Commonly set at around 5% to 10%.

Deposit-based Savings

A method of saving which pays regular, usually variable interest based on the amount invested (instead of relying, for example, on the unpredictable returns from stock market investment).

Discounted Rate

A mortgage which has an interest rate below the lender’s standard variable rate (SVR), Bank Base Rate or Libor rate, typically for the first few months or years of the loan. The rate payable may move up and down, but the discount on SVR remains constant.

Distance mortgage mediation contract

Mortgages completed at distance – namely not face-to-face – are classed as a distance contract.

Diversification

The principle that wise investors should spread their risk among many different types of investment. A properly balanced portfolio will contain elements of share, deposit-based and property investments. Fund performance and objective achievement are not guaranteed.

Durable Medium

A document which meets the following criteria is said to be in a durable medium:

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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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