Common Mortgage Terms & Jargon (C)

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Capital and interest
Your monthly payments are partly to pay the interest on the amount you borrowed and partly to repay the outstanding mortgage. Also known as a repayment mortgage. 

Capped rate
An interest rate charged for a set period of months or years which can go up and down with the variable rate, but there is a maximum (capped) interest rate which it cannot go above. 

Cashback
A payment you receive when you take out a mortgage. It may be a fixed amount, or a percentage of the amount of the mortgage. 

CCJ
County Court Judgement. A decision reached in the County Court which can be for not paying debts. If you pay off the debt, the CCJ is satisfied and a note is put on your records to say this. 

CML
Council of Mortgage Lenders. Building societies and most banks and other lenders are members of this trade organisation. 

Collared rate
The minimum rate below which a mortgage will not fall in the incentive period. 

Completion
When the sale and purchase of the property are finalised, and you become the owner of the house or flat. 

Conclusion of missives
In Scotland, this is the same as exchanging contracts. 

Contents insurance
Insurance cover for your possessions. This may include cover against loss or damage away from the home. 

Contracts
The legal documents under which you and the person selling the property agree to buy and sell the property . 

Conveyancing
The legal process involved in buying and selling property. 

Credit search
A check the lender makes with a specialist company to find out whether you have any County Court Judgments or a record of not paying loans, credit-card bills and so on. 

Credit scoring
A lender's way of assessing whether you are a good risk to lend a mortgage to. 

Critical Illness
Insurance that generally pays out a lump sum if you are diagnosed with a life-threatening illness or disease.  

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