Statistical and Industry Jargon
- Arrangement fee - Either a percentage of the loan advance or a set fee charged by the mortgage lender or mortgage brokers to provide and arrange a mortgage.
- Loan to Value (LTV) - The total loan size in relation to the value of the property.
- Mortgage gross lending - all new lending done in a given period including remortgaging and new loans for house purchase.
- Mortgage balances outstanding - the total mortgage balances outstanding at a given point of time.
- Net mortgage lending - the total change in balances outstanding between two point in time, this can also be calculated by adding together the total gross lending in a period less repayments, redemptions and loan losses in the same time period.
- Redemption - paying back a mortgage 'early' as opposed to paying back a mortgage following a set repayment plan, typically when remortgaging to another mortgage provider or by way of some other lump sum payment (e.g. when selling of the property).
- Remortgaging - refinancing of a mortgage, usually understood to mean moving from one provider to another.
- remortgage news
Read more about this topic: UK Mortgage Terminology
Famous quotes containing the words industry and/or jargon:
“You must, to get through life well, practice industry with economy, never create a debt for anything that is not absolutely necessary, and if you make a promise to pay money at a day certain, be sure to comply with it. If you do not, you lay yourself liable to have your feelings injured and your reputation destroyed with the just imputation of violating your word.”
—Andrew Jackson (1767–1845)
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—Doris Lessing (b. 1919)