jargon buster : k
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.
| Key Facts Illustration | This document sets out the information about a mortgage explaining all the pertinent points of it. The document is in a prescribed format with certain prescribed information held within it. Brokers and Lenders are |
| Key Worker | A person doing certain types of work listed by a government checklist. E.g. firefighters, nurses, teachers etc. |
| Key Worker Scheme | A government endorsed scheme to allow key workers to purchase property in high value city centre areas. |
| KFI | See Key Facts Illustration |
Your home may be repossessed if you do not keep up repayments on your mortgage.
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).
The overall cost for
comparison is
8.2% APR