Adverse Credit Mortgage Glossary Part 2 (C-I)

If you are looking for an adverse credit mortgage, you will have already realised that there is a lot of technical jargon associated with adverse mortgages. Here is the second part our glossary of terms associated with adverse credit mortgages.

Glossary Part1 (A-B) | Glossary Part2 (C-I) | Glossary Part3 (L-Z)

C
Credit Account Information Sharing - CAIS	Shared credit information maintained by credit agencies on behalf of lenders
Cash Back Mortgage	A mortgage offered by some lenders that includes a payment, either a lump sum or a percentage of the mortgage loan, as an incentive to borrow from them
Consumer Credit Association - CCA	The CCA is a professional body representing the interests of small companies in the credit industry
County Court Judgment - CCJ	A county court judgement is a judgement for debt in the county court. If a judgment is settled in full within 30 days of the date of the judgment it will not appear in the credit register. In the event of a payment after that date the judgment will appear in the register but will be shown as being satisfied
Certificate of Satisfaction	A county court document confirming a judgment has been paid in full or removed from the public record because it was paid within thirty days
Citizens Advice Bureau	A voluntary service provided in most major towns which offers free advice to individuals on financial matters
Credit Card Debt Consolidation Loan	A way of collecting together various credit card debts and paying them all within one monthly payment
Credit Check	Enquiry made on the credit history of an applicant
Credit impaired mortgage	Another term for an adverse mortgage
Credit Rating	A credit rating is way of lenders estimating how much risk there is involved in lending a person an amount of money in terms of how likely they are to pay the money back. The credit rating helps to determine the amount of money which the lender is prepared to lend and also influences the interest rate the person will have to pay on the loan
Credit Rating Repair	Various measures which can be taken to help improve a bad credit rating
Credit Report	A credit report is a detailed account of a person's credit history. It enables lenders to determine how risky it is to lend credit applicants money and aides lenders in setting interest rates
D
Debt Consolidation	Debt consolidation is a way of bringing all of your debts together to enable you to make one singular monthly payment and avoid the pitfall of allowing high interest rates to get you into more debt. The reasons for doing this are to make life easier and to reduce interest repayments where possible. Also by spreading all the debts over a longer repayment period the immediate costs are reduced, though it is possible that overall costs will be higher over the full term of the borrowing
Defaulted Account	This is an account which has been terminated by the lender because the debtor has not kept to a credit agreement and consequently the relationship between you and the lender has broken down. A record of these accounts is kept for six years from the default date
E
Early Repayment Payment	This is a fixed fee for repaying your mortgage before the agreed time
Electoral roll	Used by the lenders to check the identity of those applying for credit, the electoral roll is a list of the names of all people registered at an address who are entitled to vote.
Endowment	An endowment policy is a life assurance savings scheme which allows you to pay in a regular sum of money, usually on a monthly basis, for a fixed period of time, whilst providing you with life assurance. The money paid into the scheme can be invested in a range of different ways, including stocks and shares and the proceeds are usually used towards mortgage repayment.
Equity	The difference between the amount owed on a mortgage and the current market value of the property
F
Financial Services Authority - FSA	The FSA is an independent watchdog set up by the government to regulate financial services and protect your rights. It covers a wide range of services including endowment policies and mortgage advice.
I
Independent Financial Advisor - IFA	Individuals who give advice about all aspects of finance
Individual Voluntary Arrangement - IVA	An alternative to bankruptcy. If an individual has accrued a number of debts, they can enter into a Voluntary Arrangement, which is administered by the County Court. It means that a repayment plan has been agreed with creditors
Interest-Only Mortgage	A mortgage whereby a customer's repayments only contribute to paying off the interest owed on the mortgage so the outstanding amount does not reduce.
Interest Rate	The amount of money a customer can earn on an investment. It is usually expressed as a percentage of the total sum invested. It also applies to the rate of interest you will pay on your mortgage
ISA	A way of holding cash deposits, life assurance policies and investments in stock and shares in a tax privileged way. The Government have stated that Individual Savings Accounts will be available for a minimum of ten years

Glossary Part1 (A-B) | Glossary Part2 (C-I) | Glossary Part3 (L-Z)

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