Common Mortgage Terms & Jargon (I)

A | B | C | D | E | F | G | H | I | L | M | N | P | R | S | T | U | V

IFAs
Independent Financial Advisers. These advisers can give you information on and recommend investment products (endowments, pensions, PEPs) from the whole range of life assurance and investment companies. 

Income multipliers or multiples
The size of mortgage that lenders will offer will often be worked out by multiplying your income each year by a set figure. If you are the only person taking out the mortgage, the usual maximum income multiple is three times your yearly income. So someone earning £15,000 could borrow three times this amount, or £45,000. If you are taking out a mortgage with someone else, the multipliers might be three times the main income plus one times the second income. Or it could be two-and-a-half times the two incomes added together. (Lenders may consider including all or part of any regular bonuses or commission you receive as your income. 

Income protection insurance
This covers accident, sickness and unemployment. It provides a monthly payment if you cannot work for an extended period due to an accident, sickness or unemployment. 

Income references
This is confirmation from your employer that you earn the amount you claim in your mortgage application. Accountants may also give confirmation of income if you are self-employed. 

Interest only
Your monthly payments to your lender are simply made up of interest. You do not pay off any of the mortgage during the term of the mortgage. You pay off the mortgage finally using the proceeds of a separate investment plan for example, an endowment, personal pension or PEP and so on. 

IPT
Insurance premium tax. A tax on all UK general insurance. This is currently charged at 4% of the premium when you buy it from an insurance company or an insurance broker (but the Government can change this rate). 

Committed to Excellence 

We always get the best deal for our clients including: 

• the best rates
• the most suitable terms
• no horrendous redemption penalties
• no selling of unnecessary insurance
• no hidden costs
• mortgages, re-mortgages, secured loans and personal loans

We are always available to discuss or advise you on your requirements, and a personal illustration of your new mortgage or re-mortgage is always given. We truly appreciate your visit to our web site. We trust you will find what you see and read both informative and helpful and we hope to hear from you in the very near future.

WE CAN ONLY HELP YOU... IF YOU CONTACT US
NEED TO TALK TO A HUMAN?
CLICK HERE - GO4 WILL CALL YOU BACK FOR FREE!!
The worst we can do, is match the best you've been offered.

Commercial | Residential | Buy To Let | Re-mortgages
NON Status & CCJ | Home Owner Loans | Self Build, Renovation & Conversion Mortgages
Equity Release Mortgage | Right to Buy Mortgage

Non Status Mortgage and Loan Finder | FREE Loan Status Checker

CLICK HERE - IF YOU'RE LOOKING 4 A NON STATUS HOME OWNER LOAN

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A LOAN SECURED ON IT

Whilst every effort has been made to ensure that the facts here are correct, no liability is accepted for any errors contained herein or for any loss resulting from actions taken. 

Unless stated all loan and mortgage products are intended for people living in the United Kingdom. Specifically: UK non status mortgages, UK commercial mortgages, UK buy to let mortgages, UK remortgages, UK residential mortgages, UK self build mortgages and UK home owner loans.