The Glossary
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The
Letter M
This
section provides information on terms and phrases beginning with
the letter M
At the grabber we know finance is full of
confusing terms and phrases, and so on this page we explain:
Medical
Loan |
Mortgage Deed |
Mortgage
Loan |
Mortgage
Term
A medical loan is finance arranged for a specific event, in this
case for a medical procedure.
It is becoming more frequent that when consumers are faced with
a long wait for medical treatment on the NHS, many are taking up
the chance to have procedures performed privately and thus
cutting out any wait that might be facing them. If these
consumers do not have readily disposable savings or the income
to finance these procedures, they may opt to use the credit
facilities the clinic has provided. Alternately, consumers could
decide to shop around to find themselves a homeowner loan or a
tenant loan with which to finance the medical procedure.
The Grabber has
application forms for those wanting to apply for loans.
The mortgage deed is the legal document giving the lender
security over the property in return for the lender providing
the mortgage. The borrowers must sign the deed and then submit
it to the land registry who then register a charge on the
property in favour of the lender. The mortgage deed also
contains the terms of the mortgage. When the property is in
England, Wales or Northern Ireland, the document is called the
mortgage deed, If the property is in Scotland, the document is
called a standard security.
For visitors interested the Grabber has a section on
property finance.
A mortgage is a loan used to buy a property.
There are 3 basic types of mortgage, these are repayment
mortgages, interest only mortgages and flexible mortgages.
A repayment mortgage pays off both the original amount borrowed
as well as any interest accrued over the mortgage term.
With interest only mortgages, you only pay off the interest
accrued on the loan. The original amount remains the same with
suitable investments planned in order to repay the mortgage loan
at the end of its term.
Flexible mortgages give the borrower the ability to fluctuate
payment amounts subject to the lenders conditions.
All the other types of mortgage available are essentially
variations on these 3, with the differences used to entice
customers.
The variations between the different mortgages is basically how
and at what rate the interest is charged on the loan. Almost all
mortgages are partly secured on the value of the property, and
can be for varying lengths of time.
If you are after property information the Grabber has a
mortgage section.
A mortgage term is the period of time, over which a mortgage
loan to purchase property is repaid. Many mortgages come
established with a 25 year term however other lengths of term
for mortgages may be available subject to the borrowers own
individual circumstances, credit status and with the consent of
the mortgage lender.
On a mortgage with a short term the monthly repayments could be
quite substantial in size, although this also means that the
total interest paid on the mortgage will be lower.
With a mortgage with a longer term, monthly repayments should be
smaller in size and easier to manage which could help with
budgeting, although this also means that the total interest paid
on the mortgage will be higher.
Got a piece of jargon you want explaining, it's time to let The Grabber loose.
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