Jargon Explained

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Mortgage Deed
This is the legal document establishing that you have a mortgage on your home or property.

Mortgage Term
The length of time in years which you take out to pay back your mortgage. Most commonly people take out a term of 25 years but it could be 5 years if you borrowed a small amount.

Negative Equity
This means the value of your property is lower than the amount you owe on your mortgage or secured on it. This will be a problem if you want to move or maybe considering either a Remortgage or a Secured Loan.

Non Status
This another term used to describe Credit Problems due to an adverse credit history. CCJ's, Mortgage Arrears and other credit debt repayment problems leads to being classed as Non Status rather than Status. When used to describe: Non Status Mortgages or Non Status Loans they mean Mortgages or Loans for people with Credit Problems or a Poor Credit History.

Online
You access the internet by a telephone line. So when you are using the internet you are classed as Online. Nowadays there are thousands of online businesses offering everything from banking to scrap metal.

Overpayments
This is when you can pay more than your normal monthly repayment. This means you can pay off your mortgage earlier and save on interest charges. Maybe there will be a limited period when you might need to underpay.

Payment Break
This term is more commonly called a payment holiday. If agreed with your lender, Payments can be stopped for a limited period whilst you get over a financial tight spot. Also see Overpayments and Underpayments.

Personal Loan
A personal loan is a term used to cover secured loans and unsecured loans. This is a loan taken out by a person or persons hence the name Personal Loan.

Poor Credit
This another term used to describe Credit Problems due to an adverse credit history. CCJ's, Mortgage Arrears and other credit debt repayment problems leads to a Poor Credit Rating. Poor Credit is more of an UK term with America more commonly using Bad Credit. When used to describe: Poor Credit Mortgages or Poor Credit Loans they mean Mortgages or Loans for people with Credit Problems or a Poor Credit History.