Loans Glossary - S

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S.


Salary.

A regular payement made to an employee by the company they work for in return for time spent at work.

A mortgage loan that is taken out on a property that is already mortgaged. It is a way of releasing equity from your property without incuring the costs of changing your current mortgage (e.g. some first mortgages have incentives such as fixed rates and there could be a charge to pull out of that agreement)

A loan which is secured against the property.

The means by which a self employed person who does not have any accounts, can state his earnings. Some lenders will use this to support an income multiple.

A person is is not employed and works for him or herself. Directors of companies who pay themselves with PAYE but own a certain percentage of the company, will sometimes be classes as self employed by lenders.

The term used for the final sum requested by a lender to clear an existing loan.

This enables a mortgagor to purchase part of a property when the remainder of the property belongs to a housing association. Rent is paid on the remainder. The borrower is usually allowed to purchase further parts of the property as and when he can afford to.

A person is is not employed and works for him or herself on their own.

The Scottish equivalent of an English mortgage deed.

A lenders main interest rate, it can change in line with the Bank of England Base Rate.