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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Below is a glossary of the terms you may not be sure about now and should understand when taking out a new mortgage. These are not legal definitions but clear everyday descriptions to help you make a more informed choice.

Any examples given are designed solely to simply illustrate the basics of the concept and are not to be taken as anything beyond that.

A lot of mortgage adviser regularly used terminology were banned in October 2004 and replaced by industry standard phrases to help consumers understand things better. The old terms have been included for reference purposes.

No information given here should be taken as advice.

HALAL Finance Finance aimed to keep within the requirements of Islamic Law
High Early Redemption Fee An old term not allowed to be used in client facing discussions, though may slip out by mistake. See Early Redemption Charge
Higher Lending Charge

This charge pays for an insurance premium to protect the lender against losses in the event of selling a property that has been repossessed.

Most lenders will typically only loan between 75% and 90% of the purchase price of a property. In cases where borrowers are seeking an amount that is greater than the lender's usual limit, a charge known as Higher Lending Charge is levied, usually in the form of a one-off payment.
High Loan to Value Fee An old term not allowed to be used in client facing discussions, though may slip out of an adviser by mistake. See Higher Lending Charge
High Percentage Loan Fee An old term not allowed to be used in client facing discussions, though may slip out of an adviser by mistake. See Higher Lending Charge
High Percentage Lending Fee An old term not allowed to be used in client facing discussions, though may slip out of an adviser by mistake. See Higher Lending Charge
Holiday Home A second property that is used for holidays and weekends rather than as a main residence. Lenders will typically charge a higher rate, or demand a larger deposit, on mortgages for a holiday home.
Home Buyer's Report A type of property survey that is more comprehensive than a mortgage valuation but less extensive than a full structural survey.
Home Buyer's Valuation Fee The fee charged by a surveyor for producing a Home Buyer's Report.
Household Insurance An insurance policy that protects against loss or damage to the property caused by fire, some natural causes and acts of vandalism. See buildings and contents insurance
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The actual rate available will depend on your circumstances. Ask for a personal illustration. Think carefully before securing other debts against your home. There will usually be a fee charged when we successfully arrange a mortgage / re-mortgage. The amount will depend on the complexity of your requirements and your personal circumstances, typically the fee charged will be 3% of the mortgage advance (minimum fee £3,000 up to a maximum of £10,000).

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