Adverse Credit Mortgage Glossary Part 3 (L-Z)

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. Why not cast your eye over the 3rd and final part of our glossary of terms associated with adverse credit mortgages.

Glossary Part 1 (A-B) | Glossary Part 2 (C-I) | Glossary Part 3 (L-Z)

L
Legal charge	A form of security usually against a property or land to ensure payment of a debt
Low credit score mortgage	Another term for an adverse mortgage
M
Mortgage	A long-term loan used to buy a house or other residential or commercial property
Mortgage Term	The length of time agreed by the lender and mortgage holder before the mortgage must be repaid
N
Negative equity	When the market value of the property decreases to become less in value than the mortgage. The decrease is known as equity depreciation
Non status mortgage	A mortgage that is offered without proof of income being provided
No credit check mortgage	Another term for an adverse mortgage
No credit mortgage	Another term for an adverse mortgage
O
Official receiver	The person responsible for the administration of a bankruptcy
P
Poor credit mortgage	Another term for an adverse mortgage
Positive equity	When the market value of the property increases to become greater than the value of the mortgage. The increase is known as equity appreciation
Public examination	The court may order that a bankrupt be questioned in open court about his or her affairs, dealings and property
Preferential creditor	A creditor in bankruptcy proceedings who is entitled to receive certain payments in priority to other unsecured creditors. These creditors include occupational pension schemes and employees
R
Repayment Mortgage	A low risk way to paying off a mortgage whereby the customer's monthly repayment pays off both the capital and the interest. At the end of the term both the loan and the interest will be paid off in full providing payments have been maintained. The alternative mortgage payment method is called an interest only mortgage
Repossession	The recovery of a property (or other goods) by the lender when the borrower has failed to meet the agreed repayments
S
Sub prime mortgage loan	A subprime mortgage is a mortgage that is specifically designed for people who are denied prime or standard mortgages by traditional lenders
T
Top-up Mortgage	A top up mortgage is a form of remortgage normally used to provide an overall loan in excess of the loan to value ratio allowed by the primary lender
Trustee	The trustee in bankruptcy is either the Official Receiver or an insolvency practitioner who takes control of your assets. The trustee's main duties are to sell these assets and share the money out among the creditors
U
Unsecured creditor	A creditor who does not hold security for money owed. Some unsecured creditors may also be preferential creditors

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

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