The Glossary

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Capped Mortgages

A capped mortgage is a mortgage product with built in repayment size protection. With capped rate mortgages the mortgage interest rate has a top ceiling rate at which the mortgage stays under for an agreed period. There are variations to this, normally if interest rates are lower than the capped rate repayments are at that lower rate, however if the interest rates exceed the capped rate repayments revert to below the agreed capped rate. Capped rate mortgages have an interest rate that is set for anything from a few months to several years.
The pros of a capped rate mortgage is the holder knows the top rate of interest that will be charged on their mortgage through out its duration assisting them with budgeting.
The cons of a capped mortgage is the agreement ties the holder into the deal with penalties being charged for leaving early which makes re-mortgaging more expensive.
For those visitors interested in property re-mortgaging the Grabber has a section on it.

Capital

Capital is another term for the finance amount. When investing in property, this is your original investment amount. When borrowing finance from a lender, this is the original amount borrowed, excluding any interest to be charged or fees.

Capital and Interest Mortgages

A capital and interest mortgage is a mortgage product where the customer repays the capital and any interest charged simultaneously. Capital and interest mortgages are more commonly known as a repayment mortgage. The monthly mortgage repayments to the lender covers both the actual money borrowed, and any interest the lender charges.
Repayments on these mortgages can be affected by any fluctuations in the base rate if the lender passes them on. The capital and interest mortgages are among the most popular mortgages taken out in the UK.
If you are a UK resident and after a mortgage the Grabber has a mortgage section on it.

Cash Back

Cash back is a financial reward for using a companies product. The cash back given by a lender for taking on a finance product relies on the capital amount and the type of product taken. For example cash back on a mortgage could be used to help pay for the deposit or for improvements to the property. This makes it a good marketing gimmick for the company, as they are seen to be offering their consumer a good deal. Although in reality the customer will eventually pay back the reward they were given with their repayments as cash back is usually added to the total borrowed.

Career Loan

A career loan is a loan which as been applied for the purpose of improving or creating employment prospects.
If you are looking for a job or attending interviews, you are going to want to look your best. Are you starting new employment and are wanting to make a great impression but until you get paid short of funds? A personal loan would enable you to buy a new collection of smart work clothes and when coupled with a brand new hairstyle be guaranteed to make a dynamic start to the new position.
Perhaps you're interested in a change of career but are concerned about bills while you're retraining? A event loan could help you bridge that gap until you're up and earning again, and since you have new skills you should be earning even more.
You may be starting back to work after having kids but have found the skills in your job have moved on. A quick refresher course should have you back up to speed and in no time it should seem you haven't been away.
The Grabber has application forms for those wanting to apply for personal loans.

CCJ

CCJ is short for a county court judgment. A CCJ is the result of a court ruling against a person for a non payment of a debt. When repayment on any debt has been defaulted and contact attempts ignored there is the real chance borrowers will be taken to the Crown Court. Then if the debt still is not satisfied a decision or judgment made in the County Court, normally for the non-payment of that debt will be registered on the borrowers credit file as a County Court Judgment. If the debt is later paid or satisfied and a satisfaction certificate obtained it will be noted on the borrowers credit file. This will assist customers applying for fresh finance and if the debt is paid within a certain time could cancel out the effect of the county court judgement.
If visitors have problem credit ratings, including CCJ's, and are searching for lenders who wont just turn them away the Grabber has application forms where your case will be judged on its individual merits. All you have to do is fill in one of our forms and then sit back and wait to be contacted by the advisor.

Consolidation

Consolidation is a term used to describe placing all existing debts and arrears together and arranging fresh finance to clear or repay them, which then leaves only the latest finance left to be repaid. Consolidation or debt consolidation as it is more commonly referred to, is currently one of the UK finance industries large growth areas, companies charge customers varying amounts to manage debts, contact creditors, arranging loans and then using the finance to pay of the outstanding debt. Companies that offer this consolidation service generally make their profits from the money saved by offering creditors an early settlement to any debt owed.
Visitors don't have to pay consolidation companies for this service it is possible to arrange a loan and consolidate your debt yourself. The Grabber has a section on consolidation for visitors interested in the process, or we have application forms for those wanting to apply for loans to consolidate with.

Conveyance

A conveyance does the legal work, usually carried out by a solicitor, associated with buying or selling a property. Includes the process of transferring ownership of the property, deals with the contracts and property searches. These legal steps and their fees are just one of the many charges involved in property buying and selling which can easily be over looked when saving up. The Grabber has a mortgage section for those interested.

Creditors

Creditors is the term used to describe those individuals or companies owed money to. When you take on finance be it a loan or a mortgage you borrow money from a lender. You then proceed to repay that money via your monthly repayments. Whilst you owe money or are making those repayments the lender is said to be your creditor.
If you are made bankrupt or have possessions seized because of non payment of debt, those possessions might be sold and any revenue raised used to pay back those you owe, your creditors.

Credit Cards

Credit cards are a finance product that is used to access credit, of which the amount available is pre-arranged.
Credit cards are a plastic card from a particular issuer for purchasing goods and services against a line of credit established by a bank or other financial institution. Today there are plenty of credit cards to choose from, the most recognised bearing the Visa and MasterCard symbols. Credit cards issuers make money by charging interest on any finance used by the holder of the card. The annual percentage rate or APR is used when calculating the interest rate charged on a credit card. So the higher the APR the higher the repayments, the lower the APR, the less and smaller the repayments.

Credit Check

A credit check is the process by which a financial history is compared against a scoring system, prior to any fresh finance being lent. UK lenders perform a credit check before they agree to grant any finance and many factors and criteria are taken into account during the process. These criteria include the length at the current address, security, employment, income, marital status, age and credit rating. The credit check will reveal if there is an adverse rating based on debt repayment history, therefore arrears, late and defaulted payments, missed payments and any CCJ's, will all mean a lower rating.
A low rating found on a credit check might be held against you and result in your application for finance being turned down by mainstream lenders. There are loan providers online that specialise in lending to people in this situation all you need to do is first find them and then apply for their product.
If you have a low credit rating you could use our application forms to apply for finance and save yourself hours surfing online.

Credit Facilities

Credit facilities is where an establishment, business or shop has a pre-arranged set up in place to process their customers applications for finance. Credit facilities are a form of consumer credit.
When shopping for goods or services the customer may find they are unable or unwilling to pay the bill immediately. They may decide to pay the outstanding amount on their credit card, or they may choose to use the stores, shops or places own credit facilities.
This will be a service where the establishment has arranged with a financial institution a line of credit products. Acceptance to these finance products will still be dependant on the individuals credit history and status.
You do not have to take the credit facilities available, you could find out how much the item will cost. Leave and then arrange a personal loan to create the finance to pay for it.
The Grabber has a section on consumer credit for those interested.

Credit Scoring

Credit scoring is the process used by lenders during the credit check. The credit history of the applicant, including borrowing and repayment, is considered using a points system to determine their suitability for additional credit being lent. Lenders always perform a credit check before agreeing to grant any future finance and many factors and criteria are taken into account on the credit check. The particular criteria and factors favoured by individual lenders are not disclosed but the check will reveal if there is a low rating based on credit history. This check reveals the applicants credit score and lenders then use this to access the risk to them.
If you have been turned down on a finance application it may be possible to apply to see your file from the credit agency to see why you are having problems and if a mistake has been made resulting in you having a poor credit rating.

Got a piece of jargon you want explaining, it's time to let The Grabber loose.

Associated Pages
ccj mortgage | ccj remortgage