The Glossary

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The Letter H
This section provides information on terms and phrases beginning with the letter H
At the grabber we know finance is full of confusing terms and phrases, and so on this page we explain:
Hire Purchase | Holiday Loan | Homebuyers Report | Home Improvement | Household Insurance | Homeowner Loan

Hire Purchase

Hire purchase "hp" is a form of finance credit. The holder of a hire purchase policy agrees to buy goods and to pay for those goods in instalments. The policy holder has the right to possess and use the goods from the time the contract is made although they do not yet own them fully. The finance company have a security interest in the goods until all the amount owed by the customer is repaid.
Rental or lease agreements are hire purchase contracts where the customer hires the goods with an option to purchase. Keeping up the payments on any hire purchase products should be of paramount importance since late or missed payments could incur charges and increased interest charged. The repayment history on hire purchase products will form part of credit scores and a low credit rating could affect the ability to successfully apply for further credit.
When signing any credit agreement be aware of any obligations and conditions in the small print of the policy.
For those visitors in hire purchase or other forms of consumer credit the Grabber has a section on it.

Holiday Loan

A holiday loan is finance raised for a specific event, that of a holiday. Perhaps you are wanting to go on that once in a lifetime holiday and give yourself a rest from work or studying, the finance may not be in place but with a personal loan the trip is as good as paid for. Maybe travelling around Europe for a year appeals, perhaps on a gap year from college or university studies, parents could use the money from a event loan to give offspring a holiday to remember. How about a safari in Africa looking at the wildlife, or a second honeymoon? A personal loan could help you get away from it all.

Homebuyers Report

The homebuyer report is a service paid for by a property buyer to gauge the condition of a property before purchase. The homebuyer's report service involves a surveyor visiting the property and inspecting it, the surveyor will only inspect those areas of the property that are reasonably accessible or easily visible. Then the surveyor will then write a report on the property condition, as well as performing a basic valuation on the property which is used in conjunction with the mortgage application.
The homebuyers report may also be called a homebuyers survey.

Homebuyers Report Survey Example.
The cost of the report can vary but the content should be similar and cover these basic points.
The present general condition of the property
This will cover the interior and exterior of the building and the local vicinity of the property.
Any major defects or positive attributes
Particular emphasis will be placed on any particular features that may affect either the present value, or the ability to resell or re mortgage the property.
Recommendation for future maintenance
This section of the report will draw attention to any work that will need to be done either immediately or in the relatively near future to the property.
Particular issues for legal guidance
Any points and issues with the property that should be discussed with the solicitor.
Further relevant matters to be taken into account
The surveyor will mention anything that they feel is helpful and constructive, as well as pointing out any things that may require further investigation.
Basic valuation
The surveyors opinion of the properties current market value.

A homebuyer's report can usually be arranged by the mortgage lender in conjunction with the valuation report. If you wish to instruct a surveyor separately, this could be a cheaper option. You can find a whole host of surveyors on the web or in any local directories and they are easy to find and use.

Home Improvement

Home improvement is when home owners perform work on their property that improves the market value of the property. Investing capital in your home could be a valid alternative to moving, and need not cause upheaval. If your family is growing having an extension built will not only provide extra living space, but it could also add thousands of pounds to your properties value. Home improvement could be perform as a way of making property more secure as in the case of fencing, alarms, exterior lighting and plastic windows. If you are looking at moving house and are going to put yours on the market a few thousand pounds spent landscaping the garden or decorating the outside could help the house sell faster if not for more money.
With the boom in property prices there is a chance you could have equity in your home and if you release it you will have finance available to use on your current home for improvements. You could opt for a re-mortgage on your property to take advantage of any increase in its value. You may wish to apply for a secured loan to fund any desired changes which should be considerably cheaper than using credit facilities offered by any firms you use for the improvements.
If you looking for finance for home improvements you could apply using our application forms and save yourself hours surfing online, or if you are interested in property investment the Grabber has a investment section in our property pages.

Household Insurance

Household insurance is cover for buildings and their contents against loss, theft or damage. The insurance premiums cost is extremely small when it is compared to the replacement cost of the insured items should the unexpected happen and a claim become due.
When taking a insurance policy out you should always ensure that your policy covers your requirements and needs. Be aware of the claims procedures, aware of any exclusions and aware of any excess. For any claims the advice is simple, follow the instructions of the insurer or policy broker. They are trying to provide the best service in your best interests. Any exclusions should be noted and care taken to avoid action that may result in you not being insured especially in the case of home insurance. For any excess you should be aware of how much it is.
Household or buildings insurance is likely to be a requirement of any mortgage lender, as it provides security for the property and for the mortgage loan.
If you are a UK resident and after a mortgage the Grabber has a mortgage section on it.

Homeowner Loan

A homeowner loan or "secured loan" is personal finance which is borrowed and then repaid over a set term. The home loan is secured upon property, usually the home, making it only suitable for visitors who own a property. Home owner loans are usually given better rates than tenant loans because of this security and generally cost less overall. The loans term is the period of time over which the loan is taken out and then repaid. Many loans come established with set term periods, with higher monthly repayments for shorter terms and lower repayments for longer terms. Loans advertised with set terms will usually display the loans overall cost to the borrower which makes comparing lenders easy.
The homeowner loans rate would still be dependant on your credit rating and history, which could cause issues if you have a problem credit rating.
If you are homeowner after information or want to apply for a loan the Grabber has a home loans section in our personal finance section.

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Associated Pages
home mortgages | home remortgage