Debbie J Boyes - Professional Mortgage Advisors   
 
Independent Mortgage Advisors

Glossaries

 

Mortgage Glossary
Insurance Glossary

 

Mortgage Glossary

Advance
Another term for the mortgage loan; the amount your lender agrees to lend you
Agreement in Principle
An initial document from your lender that gives you an idea of the amount they are likely to lend you. This certificate is not a guarantee, but is often needed when dealing with estate agents, so they have an idea of the size of your mortgage and if you can afford the property. Also known as a 'lending decision or 'decision in principle'
APRC
This is the interest rate you would pay over a year period and helps you compare the 'cost' of borrowing between different mortgage lenders (also known as the 'overall cost for comparison'). It takes into account interest to be paid, length of the repayment term and any other charges. It also assumes you will be keeping the mortgage for the whole term and does not take into account possible changes in interest rates. Note: if you plan to remortgage at the end of your initial deal period, APRC may not be the best comparison as it assumes you will have the mortgage for the whole term
Arrangement Fees (or Booking Fees)
Charged by lenders to set up a mortgage loan. These are normally payable upfront and non-refundable
Arrears
When payments haven't been paid on the due date they are said to be in arrears
Asking Price
The amount the seller values their property at and wants to get if it's sold. Remember you may be able to negotiate if you think a property is too highly priced
Assets
Anything that you own of a monetary value.
Bank of England
Responsible for setting interest rates, issuing bank notes and maintaining a stable financial economy; the Government bank and also a lender for commercial banks.
Base Rate
The interest rate set by the Bank of England which is used as a benchmark by lenders to set their own charges, which would generally be higher. This is reviewed from time to time throughout the year and can fluctuate (go up and down).
Beneficial Joint Tenants
This means the property is jointly owned, you don't own a specific share in the property and if you die the property goes to the other owner.
Bridging Loan
A special type of loan which is taken out to overcome a short term cash flow problem, usually needed when you buy a property before you sell.
Broker
A person who gives advice on a mortgage (also called 'mortgage broker' or 'intermediary'). If using a broker, make sure they are registered.
Buildings Insurance
A type of insurance that covers you financially for any damage to your building (e.g. fire, flood, wind). Sometimes called 'home insurance' when grouped together with contents insurance.
Buy-to-let Mortgage
Specific mortgages that are aimed at those that buy property to rent out.
Capital
The amount of money you have actually borrowed, or still owe on your property (not including interest or other charges).
Capital Gains Tax
A tax levied on profit from the sale of property or of an investment.
Capital and Interest Mortgage
Where you pay off part of the 'capital' (amount borrowed) as well as interest each month (as opposed to 'interest only'). This usually means that everything (capital and interest) will have been fully paid off by the end of the agreed term. Also known as a repayment mortgage.
Capped Rate Mortgage
A type of mortgage where you have a guaranteed maximum amount that you have to pay each month. Your payments may go up or down under that amount, as interst rates increase or decrease, but you wouldn't have to pay more above that maximum even if the interest rates rise higher.
Cashback Mortgage
A type of mortgage that gives you an extra lump sum of cash at the beginning of your mortgage, for you to spend on anything you like (but usually the house!); often linked with variable rate mortgages. However, be aware that with some cashback mortgages you will need to pay this back (will be added to your overall mortgage).
Claim for Posession
A legal claim, made by the mortgage lender, for possession of a mortgaged property because the borrower has not paid their mortgage loan; this is the next step after a notice of default has been issued (see Notice of Default)
Collared Mortgage
A type of mortgage usually found in combination with a capped or tracker mortgage where there is a set lower level (the 'collar'), so your payments would never fall lower than that level.
Collateral
Something of value that is given as a guarantee to the lender that you are able to pay back the loan in the case of mortgages it is the house itself.
Completion
The final stage of the sale when the ownership changes hands from the seller to the buyer.
Contents insurance
Insurance against damage to or theft of the contents of your house including furniture and furnishings, TV and audio, all electric goods and appliances, clothing and jewellery.
Contract
A legal document showing an agreement between two people, in this case between the lender and the borrower or the seller and the buyer.
Conveyancing
The process of transfering ownership from one person to another.
Conveyancer (or solicitor)
The professional required to carry out the legal work involved in the process of buying and selling property.
County Court Judgements (CCJs)
An order made in a County Court for a debt to be repaid in England and Wales.
Credit Rating
See Credit Score.
Credit Score
A score given to a person based on their 'creditworthiness' (ie how big a risk you are to a lender) used to assess credit and loan applications; done through a credit agency.
Credit Reference Agency
These are specialist companies that are used to check your credit rating or worthiness.
Current Account Mortgage
This combines your current account and your mortgage into one. You still make a monthly mortgage payment, but any savings or money paid in acts as an overpayment.
Daily Interest
The interest on a mortgage is calculated on a daily basis, so you only pay interest on what you actually owe.
Debt Consolidation
To add your debts together to help in paying them off. It may be possible to increase your mortgage to pay off debts, but it's best to seek advice before doing this. You need to think very carefully before securing other debts against your home as your home may be repossessed if you do not keep up repayments on your mortgage.
Decision in Principe
See Agreement in Principle.
Deposit
The money you put in upfront towards buying a house, usually at least 5% of the property cost, depending on how much money you have saved and the lender of the mortgage.
Early Repayment Charge (ERC)
An amount of money (a charge) you may have to pay a lender if you either move your mortgage to another lender during the special deal period or overpay by more than you are allowed within the agreed period.
Endowment Policy
A long-term savings policy (usually betwen 10 and 25 years), which can usually be used to repay the capital element of an interest-only mortgage at the end of the term.
Energy Performance Certificate (EPC)
This certificate shows how much energy a building uses, and how energy efficient it is, looking at things such as insulation and electricity use. The certificate gives the building a rating from A to G, where A is the most and G is the least energy efficient.
Equity
The difference between the value of the property, and what you owe as a mortgage.
Equity Release
Where you can borrow more on a mortgage against an increase in the value of your property.
Evicted
To force someone to move out of a property by legal means.
Exchange of Contracts
The swapping of contracts between the Seller/Vendor and the Buyer usually carried out by their solicitors and, once exchanged, it's a legally binding agreement.
Exit Fees
Charged by some lenders when you pay off your mortgage early. Also known as redemption charges.
Extended Tie-In
Some lenders specify a set time beyond a mortgage's special deal period, during which you will be charged if you pay off or move your mortgage.
Financial Conduct Authority (FCA)
An independent non-governmental body that regulates the financial services industry in the UK (www.fca.gov.uk).
First Buy
Only for First Time Buyers and new-build properties. Unlike with shared ownership, in First Buy shared equity the first time buyer owns the property, with as little as a 5% deposit. A shared equity mortgage covers 75-80% of the property and a 15-20% shared equity loan covers the rest of the deposit.
Fixed Rate Mortgage
A type of mortgage where the rate of interest stays fixed for an agreed period of time (2, 5, 10 years or longer) allowing monthly payments to remain the same throughout.
Freehold
Where the sale includes the property and the land on which the property is built, and you have complete ownership of both for an unlimited time.
Freeholder
A person who owns a freehold building or land estate.
FCA Register
A list of firms, advisers, etc that are regulated by the FCA, which means they meet certain standards and give information that you can trust.
Gazumping
When the seller accepts a buyers offer and then later rejects it, to accept a higher offer from another buyer.
Gazundering
This is when a buyer who has agreed to pay a certain amount for a property, then tries to reduce the price they will pay at a crucial point in the selling process.
Ground Rent
The amount of money a leaseholder has to pay to the freehold owner as a condition of taking a lease; usually paid on an annual basis.
Guarantor
A person who guarantees you will pay the mortgage repayments. If you don't pay they are liable to have to pay them themselves. Often parents or relatives are guarantors for first time buyers to help them to afford a property.
Guarantor Mortgage
A type of mortgage where a guarantor ensures the lender receives the mortgage payment each month, by paying the mortgage if the borrower is unable to. This does not necessarily need to mean jointly owning the property.
HomeBuy Direct
A Government initiative to help eligible applicants in England to buy their first home. Entitles applicants to a loan of 30% of the cost of the property (called an 'equity loan'), which must be paid back when the property is sold.
Home Reversion Plan
Where you sell your home, or part of it, to a company in exchange for a cash lump sum, a regular income or both.
Housing Associations
Independent not-for-profit organisations that provide affordable homes (for rent or to purcase) for people in need.
Income
The amount of money you earn or you receive in gifts.
Income Multiples
The number by which your income can be/ is multiplied, so a lender can decide how much you can borrow.
Income Protection
This insurance can give regular long term monthly income if you can't work because of an accident or illness (Should not be confused with short term Accident and Sickness policies which are generally less comprehensive).
Independent Financial Adviser (IFA)
A person who gives unbiased advice on a comprehensive range of financial products (including mortgages), acting in the best interest of the client.
Individual Savings Account (ISA)
A tax-free savings account, where the interest earned does not need to be declared on the savers tax return.
Inflation
An increase in the general level of prices.
Interest
The amount of money that is charged on money borrowed.
Interest Rate
Tells you how much interest you are charged on your mortgage loan, expressed as a percentage
Interest Only Mortgage
A type of mortgage where each month you only pay the interest on what you have borrowed. It usually means lower monthly payments, but at the end of the agreed mortgage term you still owe the entire amount borrowed.  Becoming more and more difficult to obtain.
Investment
Putting money or capital into something, with the hope that you will get a profit out of it at a later date; for instance you invest in property so that when you sell your home you hopefully get more than what you bought it for. But remember, house prices can move up or down so this might not necessarily be the case.
Joint Application
When two or more people apply for a mortgage together (e.g. a couple).
Joint Mortgage
When two or more people purchase a property together (e.g. parents or a partner), usually for financial reasons, in which case the property would be jointly owned.
Key Facts Illustration (KFI)
This sets out details of the mortgaeg product that a customer is interested in. All mortgage sellers are required to set out the details in a Key Facts Illustration in the same format, so it's easier for you to compare different mortgage deals.
Land Registration Fees
Fees paid to the Land Registry, for instance when ownership of the land is transferred.
Land Registry
A Government department that records registered land in the UK (or ownership), along with the details of that land such as mortgages or sales.
Lease
A contract that conveys land from one person to another for a specific period (e.g. 99 years), usually in return for rent.
Leasehold
Means you own a property (possess it), for an agreed number of years, (as set out in the lease) but once the lease expires or finished, the property belongs to the freeholder; leases can be extended but this often means an increase in charges.
Leaseholder
A person who has possession of a leasehold property; a tenant under a lease.
Lender
The mortgage company or financial institution (such as a Building Society) that loans you the money i.e. gives you a mortgage.
Liabilities
These are the debts you owe to creditors, which may include your mortgage, car loan, credit card debt etc.
Life Assurance
Also called Life Insurance, this can provide a lump sum or an income to your dependents, if you die or become terminally ill.
Lifetime Mortgage
A way for older homeowners to release value from their property.
Loan to Value (LTV)
The amount of money you have borrowed/ want to borrow expressed as a percentage of your property value. For example, if you borrow £90,000, your loan to value will be 90%.
Local Authority Search
When solicitors carry out searches with the local authority to check for any likely rights of way, or changes or developments etc. are due in the area that might affect the property you are buying.
Mortgage
Simply, it means a loan. it's an agreement to borrow money in order to buy a property, with the property belonging to the lender until all the money has been repaid by the borrower. Once the money is fully repaid, the property then belongs to the borrower.
Negative Equity
This is usually when house prices fall and the value of the property is less than the amount you owe as mortgage.
New Buy Direct
Where you buy a share of a newly built property and pay rent on the remainder.
NHBC Guarantee
The National House-Building Council is the standard setting body and leading warranty provider for new homes in the UK. They provide new home buyers with a 10 year warranty and insurance policy, paid for by the builder.
Notice of Default
Legal notice given by the mortgage lender detailing a payment default (missed payments) by the borrower. This notice will also contain details of the steps the borrower must take to pay off and by what date, otherwise the property may be taken over by the lender.
Offset Mortgage
A type of mortgage that allows you to save on the interest you will pay on your mortgage debt by 'offsetting' any savings you (or perhaps family/ friends) have linked to your mortgage. For example if you have a mortgage of £120,000 and put savings of £20,000 with your lender, in this type of mortgage you would only pay interest on £100,000.
Overpayments
When you pay more than the minimum (or agreed) monthly payment. This builds up as a reserve and depending on your mortgage and lender, can allow you to save money on interest, pay off your mortgage earlier, make an underpayment in the future or even take a payment holiday (see Payment Holiday).
Payment Holiday
Available with some mortgages.  This is an agreed period of time when you don't have to make any mortgage repayments; usually because of previous overpayments.
Planning Permission
Written permission from a local authority permitting development of a house, extension or certain renovations.
Portable
A feature of a mortgage which means it can be transferred from one property to another.
Product Fee
A fee charged on some mortgages to secure a particular mortgage deal. Also known as a Reservation Fee.
Property Information Questionnaire (PQI)
Contains information on things such as parking, council tax bands, property access and utility suppliers.
Purchase Price
The amount of cost of the property you are buying or purchasing - it may differ from the initial asking price if you have negotiated.
Redemption Charges
See Early Repayment Charges.
Redundancy
A situation in which someone must leave their job because they are no longer needed.
Release of Funds
When a lender moves the funds required when purchasing a house. There is usually a charge for the electronic transfer of this money.
Remortgage
When you move your mortgage to another lender (adding to or replacing your existing mortgage) without moving home. Usually people remortgage to save money by taking a better deal with another lender, and sometimes also to get cash for (e.g.) an extension, car or other purchase.
Rent-a-Room Scheme
The Government currently allow homeowners to earn a certain amount of money a year, which is tax free, by renting out a room in their home.
Repayment Mortgage
Each month you pay off part of the 'capital' (amount borrowed), as well as interest. This usually means that everything, capital and interest, will have been fully paid off by the end of the agreed term of the mortgage.
Repossessed
A property is 'taken back' by the lender if the borrower fails to make the repayments. The properties are then sold so the lender can get their money back; usually a last resort for the lender - always let them know as soon as possible if you are struggling with repayments.
Searches
An investigation or 'search' of the local area to see if there are proposed plans or problems in the area that you should be aware of. Some searches are required, while others will depend on the property type and location.
Secured/ Security
A guarantee of a payment on your mortgage. If you fall behind with payments or cannot repay your loan your lender has security of your home and can sell it to get its money back.
Shared Equity
A form of affordable housing to help people (e.g. first time buyers) get on the property ladder. It is similar to shared ownership, but generally, with shared equity you purchase all of a property, with an equity share loan making up the difference between the mortgage and purchase price. The equity loan is always paid back as a percentage of what your home is worth, which means the amount you owe will rise and fall with the value of your home.
Shared Ownership
Similar to shared equity, but with shared ownership you own a 'share' in a property with another party - usually a Housing Association and you pay rent to them for their share of the property.
Special Deal Period
The time period during which the 'deal' you have selected applies (i.e. usually a fixed or tracker rate), before you move onto the lender's Standard Variable Rate (SVR). Most lenders offer a choice of deal periods, e.g. 2, 3, 4, or 5 years etc.
Staircasing
A process used in shared ownership home buy schemes that allow you to increase your 'share' in a property as your financial situation improves, eventually to 100% of the property.
Stamp Duty Land Tax
Stamp Duty Land Tax is payable on the rate of tax on the part of the property price within each tax band. This follows the reform in December 2014, which differs from being worked out as a percentage of the whole purchase price.
These rates are paid only on the part of the property price within each tax band:  0% on the first £125,000 paid,  2% on the property price between £125,001 and £250,000, 5% on the property price between £250,001 and £925,000,  10% on the property price between £925,001 and £1,500,000 & 12% on the property price of £1,500,001 and over.
Standard Variable Rate (SVR)
This is a variable rate that is set by the lender, and is usually the rate you move onto at the end of your special deal period.
Structural Survey
A comprehensive survey of all parts of the property, detailing faults (major and minor), estimated costs to repair and if any further reports are needed, does not give you the value of the property.
Subject to Contract
The agreement to go ahead with the purchase or sale of the property depending on the final contracts being signed by the seller and the buyer; at this stage either side can still 'pull out' of the deal.
Surveyor's Report
A report by a qualified surveyor detailing the results of a property inspection.
Tenants in Common
When you jointly own the property, but you own a share of the value, which you can give away or sell, or leave to someone else if you die.
Term
The time period over which you choose to take out your mortgage loan.
Title
Legal proof of land ownership, normally in the form of a deed.
Title Deeds
The documents held at the Land Registry that prove legal ownership of a property and all other dealings with that land; England and Wales, Scotland and Northern Ireland all have their own Land Registries.
Tracker Mortgage
A tracker mortgage is a variable mortgage that tracks (is linked to) the Bank of England's Base Rate by a set percentage. This means that your payments move up and down in line with any changes to the Bank of England Base Rate.
Transfer Deed
A legal document transferring ownership of land, for instance from the seller to the buyer.
Underpayments
When  you pay less than the agreed or minimum mortgage payment. Usually only allowed once you have built up a reserve through overpayments.
Unsecured Debt

An amount of money borrowed without any property or goods used as security against it.

Valuation

The inspection that checks the value of a house to see how much it is worth, for instance to see if it is worth the asking price, usually conducted by a surveyor. Also used by lenders to decide how much money they are willing to lend you (also called a survey, land valuation or real estate appraisal).

There are three types of valuations; basic, homebuyers report and full structural survey.

Valuation Fee
(Also called valuation cost) The charge for a report detailing the value of a property. Usually the fee increases with the value of the property.
Valuer
The person who checks the property and values it by comparing similar properties at that time in the area and also by checking the property for faults, etc, usually done by a qualified surveyor (also called surveyor).
Variable Rate Mortgage
A type of mortgage where payments can move up or down dependent on the movement of the interest rates of the mortgage lender.
Vendor
Another word for the person selling the property.

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Insurance Glossary

   
A Beneficiary
is the person, or organisation such as a charity, who is to receive assets or profits from an estate, a trust, an insurance policy claim or similar distribution.
BUDGET Income Protection/ Personal Sick Pay Income Protection pays an ongoing, regular benefit, if you are ill and cannot work, helping minimise the cost and impact ill-health can have on you (and your family). BUDGET Income Protection offers a cheaper way of being covered but with a maximum pay-out of 24 months per individual claim. Premiums will be cheaper than full Income Protection /Personal Sick Pay. Where affordability is an issue, having some cover in place is better than none. 
Buildings & Contents is a Condition of your mortgage ie it is compulsory.  This must be in place from Exchange of Contracts if you are buying.  If you are buying a flat this will probably be part of your Management Charge (please check with your solicitor). Contents Insurance is to protect your personal belongings.  We would recommend that you have one policy which covers both, so that you don't find yourself having to make two claims in some instances.
Buy Back If your policy schedule shows that the Buy Back Life Cover Option is included and you have been paid a Critical Illness Claim for a full payment condition, you can take a new Life Protection Policy, without having to provide any additional medical information at that time.
Children's Critical Illness Cover  covers children from birth to age 21 for specified Critical Illnesses covered by the insurer (there are some limits to children's cover, explained in the insurers policy) If a claim was made under children's cover, you will get paid the lower of 50% of the amount of cover OR £25,000. There is only one claim per child on a policy.
Critical Illness Cover (CIC)
is insurance that pays out on diagnosis of a specified condition during the policy term, after surviving a period of 14 days. The cash from a claim under your Critical Illness Cover could be used to pay off a mortgage or make adaptations to your home, such as putting in wheelchair ramps. See Life insurance with critical illness.
Death In Service
is insurance benefit provided by your employer. This kind of policy is usually not as flexible as your own life insurance and usually ends if your job with that employer ends. It may also only pay out whilst you are actually at work.
Decreasing Cover
is designed to cover the reducing amount you owe on a capital and interest repayment mortgage. The amount of cover goes down each month but the premium stays the same for the policy term. The amount of cover is not guaranteed to repay the amount outstanding under your mortgage. Also see Level cover.
Defaqto
is an independent financial research company specialising in rating, comparing and analysing financial products. Defaqto is one of the leading providers of financial product data in the UK, covering over 30,000 products across banking, life, pensions, investments and general insurance. The best defaqto is a 5* rating.
A Dependant
is someone who depends on someone else for financial support, such as a child supported by their parents.
An Emergency Fund
is money you put aside to help you pay bills and buy important items if you're short of cash. You can insure against some emergencies, such as redundancy or medical problems but sometimes you might be caught unawares, so it makes sense to have an emergency fund just in case.
Endorsements
are changes or special conditions that apply to the terms of a policy, and are sometimes called exclusions. In the motoring world, they also mean offences recorded on your driving licence.
An Excess
is the amount that you have to pay towards a claim. A compulsory excess is an excess applied by your insurer and could vary depending on your circumstances. A voluntary excess is a figure agreed with your insurer, usually where you agree to pay a higher part of each claim in return for a lower premium. Excesses vary between different types of cover. Refer to your document of insurance for more information.
Exclusions

are things that your insurance won't cover, such as a result of war, wear and tear or fraud. Exclusions vary between insurance products but all exclusions should be clear and specific.

(Found in Home Insurance) Fixtures and fitting are both covered by buildings insurance, even though some fittings may appear to be contents.

Family Income Benefit is a very useful Life Insurance policy which is designed to pay out a monthly income for dependants eg children to age 21 or a dependant spouse etc.  It is usually relatively cheap and can provide extra peace of mind.
Fixtures And Fittings

Fixtures usually include: central-heating boilers, systems and radiators, light-fittings, fitted kitchens, wardrobes and bathroom furniture.

Fittings usually include: lampshades, curtains, curtain rails and poles, TV aerials and satellite dishes, paintings or mirrors hung or screwed to a wall, freestanding kitchen equipment such as white goods

Guaranteed Insurability is an optional choice within a life insurance policy that allows you to increase the level of cover you have in place. Most policies will allow you to increase your level of cover once ever 12 months without having to provide any evidence of your health. This can be a huge benefit for you if you are considering buying Life Insurance, especially if you expect your health to worsen in the future. With Guaranteed Insurability you do not have to worry about being assessed for your insurability to the insurance company again, nor do you have to worry about being rejected for additional life insurance on the grounds that you are uninsurable. 
Guaranteed Premiums The premiums are guaranteed to remain the same for the duration of the plan, unless you increase the amount of cover via 'indexation'. Please refer to your QUOTATION for confirmation of this.  The premiums may be more expensive than Reviewable Premiums initially, but may be cheaper long term as you get older and perhaps have health issues.
Health Insurance/ Private Medical Insurance Health Insurance, also known as Private Medical Insurance, pays out for private treatment if you fall ill. What you are covered for depends on your provider, but there are some elements usually included in most policies. Most policies cover the costs of inpatient treatment (where you need a hospital bed for the day or overnight), including tests and surgery. A stay in hospital and limited nursing care is included in most policies.
Retail Price Index (RPI)
is a measure of inflation published monthly by the Office for National Statistics. It measures the change in the cost of a representative sample of retail goods and services.
Income Protection
insurance pays you a tax-free monthly income if you can't work due to sickness, accident or injury. You can choose between level cover and inflation linked cover.
Index Linked
is where the benefit or income from a policy or investment is linked to an index, such as the Retail Prices Index (RPI), so that it keeps pace with inflation. See Inflation-linked Cover.
Inflation Linked
Inflation Linked cover means that the amount you're covered for (The Benefit) rises each year by inflation, the premium will rise each year in line with inflation (5* Defaqto), or it rises on an age attained basis (1* Defaqto) or on a multiple of the RPI (3* Defaqto).
Joint Life Cover
is where you and another person are both insured on the same policy. You can be insured on a first death or second death basis. If it's first death then the policy pays out when the first person dies during the term of cover, the other person is then no longer covered and the policy ends. If it's second death then the cover continues after the first person dies and remains in force until the second person dies, provided it's within the term of cover
A policy Lapses
(or ends) if you stop paying the premiums. There is usually a period of time in which you must pay any premiums you've missed to stop this happening, so check your policy or plan conditions.
With Level Cover
the amount of cover and the premium you pay is fixed when your plan starts and stays the same for the policy term. Also see Decreasing cover.
Life Insurance
is insurance that pays out a set amount of money if you die before the end date of your plan. The cash could be used to pay off a mortgage or provide a lump sum to ease the financial worries for your family.
With Life Insurance With Critical Illness
you might be able to add critical illness cover to your life insurance policy. Or your life insurance policy might include critical illness cover. With a life insurance policy that includes critical illness cover, you get insurance that pays out a set amount of money if you die or are diagnosed with a specified condition during the policy term, after surviving at least 14 days.
Your Plan
is a formal, legally-binding contract of insurance that includes the terms of your cover.
Plan Anniversary
is each 12 month anniversary of the start date of your plan.
Plan Conditions
show the details of what your plan covers, what it doesn't cover, and when and how you can claim.
Policy Document is a document showing an agreement you have made with an insurance company.
Quotation is an estimate of what your rate could be with a potential insurance company. Quotes are subject to change depending on how much information you give at the time of the quote. The more forthcoming you are with information, the more accurate your insurance quote
Reviewable Premiums Your premiums are "reviewed" by the insurance company at regular intervals (usually annually).  Reviewable Premiums may initially be cheaper than Guaranteed Premiums, but are likely to prove more expensive long term. IF your policy has REVIEWABLE PREMIUMS this means that your premiums WILL increase as you get older.  The risk with this is that your premiums may become unaffordable.  Also, if you have had health issues, you may not be able to change insurance provider. 
The Plan Owner
is the legal owner of the plan, and the person legally entitled to the benefits from it in the event of a claim.
Terminal illness A feature of a Life Insurance Policy, this pays a lump sum benefit when you are diagnosed with a Terminal Illness.  Receiving a payment while still alive could help the insured cover medical bills, costs of care, and living expenses during the remainder of their lifetime. There may be an additional cost for this which is detailed in the quotation.
Term Insurance (Or Term Assurance)
is a form of life insurance that offers cover for a fixed period, during which a lump sum will be paid out if the life insured dies.
Total and Permanent Disability is an additional option within your Critical Illness policy which would pay out a lump sum in the event of you losing either mental or physical ability.  This may be either on OWN OCCUPATION or WORKS TASKS basis.  Definitions vary by Provider.
Unemployment Cover generally only provide income for 12-24 months and the premiums are always REVIEWABLE and pay out in the event of INVOLUNTARY unemployment.
Waiver Of Premium
is a form of protection where the insurance company pays your premiums if you can't work because of sickness or accident.
Whole Life Insurance
is a policy that pays out on your death. There is no fixed term, cover continues as long as you continue to pay premiums. You pay premiums throughout your life or until you reach a certain age, when premiums could stop but cover continues.
Works Tasks Occupation The Insurer will only pay out on a claim if you cannot complete certain tasks of daily living or work tasks. Depending on the insurer these can be tasks such as walking up stairs or holding a pen, eating, dressing and undressing, washing or bathing, lifting, standing, sitting or bending. 

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Your property may be repossessed if you do not keep up repayments on your mortgage.

For Mortgages we are paid a fee of £750 and may receive commission from the lender.

For Commercial Mortgages we act as introducers.

Equity release refers to Home Reversion Plans and Lifetime Mortgages. To understand the features and risks ask for a personalised illustration.

For advice on equity release we act as introducers.

The advice and/or guidance contained within this site is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

For further help or advice CONTACT US now!

Director : Debbie J Boyes

Debbie J Boyes Professional Mortgage Advisors is a trading style of Willowlace Ltd.

Registered Office : Birdlip, 145 Christchurch Road, Ferndown, Dorset, BH22 8TA

Registered in England No 8345357

 

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Contact Details

Debbie J Boyes,
Professional Mortgage Advisors,
Birdlip
Christchurch Road
Ferndown
Dorset BH22 8TA

Tel 01202 874100
Fax 01202 874101

Email:
mortgages@djboyes.co.uk

Joint Single Expert Witness

PRIVACY STATEMENT
By completing our enquiry forms, you agree for us to contact you. We will use the information provided to deal with your enquiry about our services. We do not share your data with third parties. You can download our privacy statements here:
Sesame-Customer Data Privacy Notice
Customer Data Privacy Notice

Mortgage Calculator

Mortgage Calculator

Click on the above icon for the mortgage calculation tool.

 


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