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Adverse Credit
Credit has not been paid or not paid when agreed.
APR
Stands for Annual Percentage Rate of charge. This is the true
rate of interest charged on a loan taking into account the total
cost of interest and other charges (fees). The calculation is
set out in statutory regulations and allows you to easily compare
products.
Arrears
Payment has not been made on borrowing when agreed.
CCJs (County
Court Judgements)
An order of a court against a debtor to pay money owed.
Consolidation
Clearing existing debts into one new agreement, usually at a
lower interest rate.
Home Owner
This is the term given to someone who has their own home (either
with a mortgage or owned outright)
Loan to Value
(LTV)
This is the size of the loan expressed as a percentage of the
property value. If you were borrowing £60,000 on a property
valued at £100,000, the loan to value (LTV) would be 60%.
Lender
The company that provides the finance for the loan or the mortgage.
Negative Equity
Where the amount owed on the property is more that the value
of the property.
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