The Glossary
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The
Letter T
This
section provides information on terms and phrases beginning with
the letter T
At the grabber we know finance is full of
confusing terms and phrases, and so on this page we explain:
Tenant Loan
| Term |
Tracker Rate Mortgage
A tenant loan or "unsecured loan" is personal finance which is
borrowed and then repaid over a set term. The tenant loan is not
secured upon any property making it suitable for visitors who do
not own a property. People who are suitable for applying for
tenant loans include people living at home, council tenants or
private property renters.
The tenant loans term is the period of time over which the
finance is taken out and then repaid. Many tenant loans come
established with set term periods, with higher monthly
repayments for shorter terms and lower repayments for longer
terms.
The repayments on a tenant loan are calculated using several
different criteria and factors. Along with the amount lent the
lenders charge interest on the loan, this is shown as the loans
APR. With the capital and the APR, lenders also charge
administration fees and arrangement charges.
Taking in all the fees, charges and with the credit rating of
the borrower, the lender calculates the overall cost of the
tenant loan then divides this by the loans term. This is then
presented to the borrower as the monthly repayment amount.
If you want finance but don't own your home the Grabbers has a
tenant loan section.
The term is the period of time over which finance borrowed is to
be repaid. Many finance products come established with pre-set
terms already arranged however other lengths of terms may be
available subject to the applicants individual circumstances and
with the consent of the lender.
A tracker rate mortgage follow the movements in the base
interest rate. A tracker's rate is tied to it and so always
follows it precisely. With the mortgage lenders rate on top
customers can expect a rate one or two per cent above the base
rate, subject to the mortgage contract or agreement.
With a tracker rate mortgage the mortgage contract or agreement
decides the rate changes and by how much it changes, usually
rates increase in line with any rise and decrease in line with
any cut in the base interest rate.
If you are after property information the Grabber has a
mortgage section.
Got a piece of jargon you want explaining, it's time to let The Grabber loose.
Associated Pages
tracker
mortgage |
variable
rate mortgage
|
