The Glossary
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The
Letter P
This
section provides information on terms and phrases beginning with
the letter P
At the grabber we know finance is full of
confusing terms and phrases, and so on this page we explain:
Payment
Break |
Personal
Loan |
Poor Credit |
Property Redevelopment
Payment breaks are an advantage of certain financial products,
such as mortgages, that allow the holder to temporally stop
making repayments for a limited or agreed term. Payment breaks
are more commonly called payment holidays.
Payment holidays can be useful in helping to get over any short
term financial problems and to help with budgeting. Some
flexible rate mortgages if not most, require that an overpayment
is made before an underpayment or payment holiday is acceptable.
Some mortgage lenders use these payment breaks as part of their
advertising campaigns.
See also overpayments and underpayments.
Personal loan is a term used to describe homeowner loans and
tenant loans. Essentially a personal loan is a loan taken out by
a individual person hence the name. A personal loan should be
tailored by the lender to an individuals financial requirements
or circumstances. Rates charged on the personal loan could also
vary as a result of credit rating and security. Thus a person
with problem credit could well find they are paying a greater
APR than some one with a clean credit rating.
A homeowner loan can also be called secured loans because they
are secured on the borrowers property. This means better rates
and terms but any non payments or arrears could put that
property at risk.
If you are a homeowner after information, the Grabber has a
home loans section in our personal finance section.
Tenants will not have a home to offer as security on a loan,
maybe because of living in a council or housing association
property. Tenants may be classed as a higher risk by lenders so
the interest rate, terms and conditions and the APR will be
higher than secured loans or homeowner loans. This should not
stop borrowers applying for a personal loan because keeping up
regular payments would help create and improve credit ratings
for the future. Which is helpful when considering a mortgage,
loan or other finance.
If you are after information, the Grabber has a
tenant loans section.
This is a term used to describe a low rating in credit scoring
due to credit repayment history. County court judgements, mortgage
defaults, loan arrears or other credit debt repayment problems
lay on the persons financial record and lead to a rating of poor
credit. Credit scoring is used by lenders to determine the
level of credit risk you are before agreeing to lend fresh
finance. Visitors can find credit to suit their score even if it
is a poor credit rating. Your credit history and suitability will
be on a national credit database but it is up to individual
lenders whether the risk is acceptable. There are loan providers
online that specialise in lending to people in this poor credit situation.
If you have a problem credit rating you could use our
application forms
to apply for finance and save yourself hours surfing online or
trawling around the shops.
Property redevelopment is a term used to describe the process of
buying and then altering a buildings current condition.
You could be looking at modernising an old town house or even
returning a property to its original built condition, this can
include using any period fittings. The property can then later
be placed on the market for a resale which should make you a
tidy profit on your original investment or maybe even yield the
funds for your next project.
If you are looking at property development as a way of investing
capital approach it the same has buying to let and ensure you
are aware of all the requirements needed and have a suitable
plan. This will enable you to approach developing property
logically and professionally and should minimise any financial
surprises.
The Grabber has a section on
property investment for those who are interested.
Got a piece of jargon you want explaining, it's time to let The Grabber loose.
Associated Pages
poor
credit remortgage |
poor
credit history mortgage
|
