Dragon Finance Jargon Compendium

The world of Finance is full of buzz words and Jargon. In this section I'll translate a whole rack of finance terms so you won't get caught out.

Go direct to: A-B | C-D | E-G | H-L | M-P | Q-S | T-Z

This is my Index of Mortgage and Loan terms beginning with the letters Q to S.

::Quick Applications
Dragon Finance uses Express Route Application Forms to save you time. Your application is sent directly to an Independent Financial Advisor who aims to call you back within 48 hours but usually within 24.

::Quotations
The Independent Financial Advisors will give you a FREE Quotation with NO Obligations detailing the competitive rate package. This includes repayments, interest, amount you can borrow and total amount payable on loans.

::Remortgage
A remortgage is a new mortgage with arranged through a different lender. You use this by getting a new mortgage on your house. The difference between what you have already paid of your last mortgage and  the current value is classed as equity in your property. You can have a new mortgage on your existing home either the same size and have a lower repayment or make it bigger and have funds for home improvements or a holiday.

::Repayment Mortgage
Sometimes called a Capital and Interest Mortgage. Your monthly mortgage repayments to your lender covers the capital, the actual money you borrowed, and the interest the lender charges you for borrowing the money.

::Right to Buy Mortgage
If you have lived in a Council Property for a number of years you have the right to buy that property. The council give you a discount to buy the property. I can get you the mortgage. For how much longer councils will let you do this is a political agenda. Act Now before it is too late!

::Secured Loan
This is a Personal Loan that uses equity in your home for security to allow better interest rates than being an Unsecured Loan. You can use this loan for debt consolidation or home improvement. However, your home is at risk if you fail to keep up repayments secured on it.

::Self Certification Mortgage
The lender relies on you to certify your income and will not check to confirm this with an employer. If you are self employed and have less than 3 years accounts then you would need a Self Certification Mortgage.

:: Self Employed Mortgage
Being self employed can make it harder to get a mortgage. If you are lucky you could be certified with over 3 years accounts but if you have less than 3 years accounts then you are classed as Self Certified (see above).

::Stamp Duty
A Government tax you have to pay on the purchase price of any property with a value of £60,000 or more.

:: Standard Variable Rate
This is set by the Bank of England and stays above the Bank of England Base Rate and can go up and down like any Variable Rate or Tracker Rate.

:: Structural Survey
This is a specialist report carried out by a structural engineer and will look for any structural problems or defects that could cause you a problem in the future. It is advisable to have this survey if you are buying an old house or to discover any problems alterations may cause.

::Sub Prime
This is a term used by lenders to describe the sector of Mortgage Problems. A sub prime mortgage is the same as a Non Status Mortgage, a Non Standard Mortgage, an Adverse Credit Mortgage, a Poor Credit Mortgage or a Bad Credit Mortgage. Put simply, it is a Mortgage for People with Credit Problems.

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UK Homeowner - SECURED LOAN APPLICATION FORM
UK Non-Homeowner - UNSECURED LOAN APPLICATION FORM
UK Mortgage - MORTGAGE APPLICATION FORM
UK Remortgage - REMORTGAGE APPLICATION FORM