| |
debt
consolidation
- replacing a number of existing loans with a single
loan from a new lender.
This can result in a reduction in your monthly payments by spreading the
larger loan over a longer period and possibly, by reducing the overall
interest rate.
deducted from loan
- expression used by lenders to refer to certain
fees, such as the arrangement fee, that will be deducted from the amount
borrowed on completion. It effectively means that you have paid the fee, as
opposed to adding it to the loan.
deeds
release fee
- fee charged by a lender for releasing the deeds of
the mortgaged property and returning them to the owner or his solicitor,
usually when the mortgage has been repaid .
deferred interest
- an old type of loan whereby some or all of the
interest owed by the borrower is not collected immediately but is added to
the amount outstanding. As a result the borrower may end up owing
considerably more than originally borrowed.
deposit
- money paid upon exchange of contracts.
Also, the borrowers equity in a property may be referred to as the deposit.
despatch fee
- see deeds release fee.
direct product
- mortgage product available to borrowers through direct application to the
lender, and NOT available through intermediaries.
disbursements (conveyancing)
- costs incurred by solicitors in carrying out their work which they will
re-charge to their clients, e.g. photocopying, postage, couriers.
discharge fee
-fee charged by a lender releasing its charge over a property following the
- see redemption of a mortgage.
discharged bankrupt
- person whose period of bankruptcy has ended.
discharged CCJ
- county court judgement which has been paid.
discount
purchase price
- price of a property that has been reduced below the open-market value,
such as in the case of a
right-to-buy purchase or a builder's discount.
Under right to buy legislation, properties are not offered at the
open market value., but at a discount. If the property is resold within
a three-year period, some or all of the discount will have to be repaid
discount rate
- the mortgage interest rate is lower than the current normal standard
variable rate for a certain period, usually shown as a fixed percentage
reduction to the lender's normal variable rate eg. 2.00% discount for 2
years.
disc
- an abbreviation for discount.
draw
down facility
- an additional borrowing opportunity that is agreed with a lender but the
amount of which has not yet been lent to the borrower.
These may be used either to guarantee the availability of future money for a
specific purpose (e.g. home improvements) or simply to give the borrower
access to further funds without the need for additional checks on their
ability to make the payments.
DSS
payments
- income received from the Department of Social Security towards the payment
of a mortgage. These are used by a lender only in exceptional circumstances
to confirm ability to service a loan.
For loans arranged after 2nd October 1995 benefits are paid only after the
first 39 weeks of an income support claim. Borrowers whose loans completed
before this date will receive assistance at 50% of the amount payable after
the first eight weeks of a claim increasing to 100% after a further 18
weeks. |
D
debt consolidation
deducted from loan
deeds release fee
deferred interest
deposit
despatch fee
direct product
disbursment
discharge fee
discharged
bankrupt
discharged CCJ
discount purchase
price
discount rate
disc
draw down facility
DSS payments
Introduction
|
