Dragon Finance Jargon Compendium

::CCJor County Court Judgment
If you have not made payment on any debt you have then you will be taken to Crown Court. If the debt isn't satisfied then a decision or judgment made in the County Court, normally for the non-payment of that debt will be registered on your credit file as a CCJ. If the debt is paid or satisfied and a satisfaction certificate obtained it will be noted on your credit file. Complete a Dragon Finance Application Form and see that CCJ's doesn't mean NO!

::Completion
The final stage of the mortgage process and the day you get the keys becoming the new legal owner of your own home.

::Consolidation or Debt Consolidation
To consolidate your debts means instead of several debts where you are struggling to meet all the repayments you have just one manageable debt with a repayment you can afford. An Adverse Monkey Independent Financial Advisor can arrange a debt consolidation loan. You just have to complete either the Secured Loan Application for a homeowner or the Tenant Application for non-homeowners.

::Conveyancing
The legal process of transferring ownership of the property. A conveyancer, usually a solicitor, deals with the contracts and property searches.

::Credit Check
Before lenders consider lending you credit they will undertake a credit check. A credit check determines your credit history whether you have any CCJ's, defaults or outstanding credit card bills. Most high street lenders don't want anyone with a poor credit history. Complete a Fast Track Application today and receive a FREE, NO OBLIGATION QUOTE.

::Credit Scoring
This process is used by some lenders to determine whether you are the level of credit risk you are. They use a scoring system based on credit history; good or bad, length at current address, security, employment, income and answering these questions gives them a score or Credit Rating. Mainstream lenders only want high scores. However, our Independent Financial Advisors will find credit to suit your score even if it is a poor credit rating. The majority of your credit history and suitability will be on a national credit database but it is up to individual lenders whether the risk is acceptable.

::Debt Consolidation
To consolidate your debts means instead of several debts where you are struggling to meet all the repayments you have just one manageable debt with a repayment you can afford. A Dragon Finance Independent Financial Advisor can arrange a debt consolidation loan. You just have to complete either the Secured Loan Application for a homeowner or the Tenant Application for non-homeowners.

::Defaults
If you have defaulted on a loan or mortgage it means that you are more than 30 days behind the date your repayment was due. This will be marked on your credit record and would lead to a CCJ if no payment was received or received very late.

::Deposit
The amount of money you put towards the purchase of the property. Most lenders will require at least 10% deposit of the purchasing price. However some lenders will lend 100% or more but only to Status Applications with no credit history.

::Discounted Rate Mortgage
This means interest charged on a mortgage is at the variable base rate and applies to the mortgage, less a discount for a set period.
This means the rate and so your monthly repayment will go up or down depending on the variable base rate changes. This will remain until the end of the discounted rate period. These type of mortgages tend to lock you into the mortgage for a minimum limited period and may include a penalty clause if you try to swap.

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