Housing Defects Act
The Housing Defects Act of 1984 was a UK law introduced to address the issue of defects in new houses and flats. The Act ...
Principal sum
The principal sum is the amount of money that is initially borrowed or lent, and on which interest is then calculated. In a loan ...
NHBC Guarantee
NHBC (National House-Building Council) is a UK organisation that provides insurance and warranty protection for new homes in the UK. It was established in ...
Final reminder
A final reminder letter is sent by a lender to remind borrowers of their obligation to repay an overdue debt. It is the last ...
Booking fee
A mortgage booking fee is a fee that is charged by the lender when an individual applies for a certain mortgage product. For example: ...
Consumer buy to let
The Mortgage Credit Directive Order 2015 defines a consumer buy-to-let (CBTL) mortgage contract as… ‘a buy-to-let mortgage contract which is not entered into by ...
AVM
An AVM (automated valuation model) is an automated system used by lenders to estimate the value of a property before they provide a new ...
Rental cover calculation
When applying for a buy-to-let mortgage, lenders will consider both the rental income and affordability when assessing an applicant’s eligibility. Rental cover calculation is ...
Affordability
When applying for a mortgage, affordability is the measure of an applicant’s ability to keep up with the proposed regular repayments. Affordability is assessed ...
PAYE
PAYE stands for “Pay As You Earn” and is a system used by employers in the UK to deduct income tax and National Insurance ...
Payment and deduction statement
The purpose of a CIS payment and deduction statement is to provide a record of payments made to subcontractors and the amount of tax ...
Construction Industry Scheme (CIS)
The Construction Industry Scheme (CIS) is a UK government initiative designed to tackle tax evasion in the construction industry. It requires contractors to deduct ...
Debt to Income Ratio (DTI)
When you apply for a mortgage, one of the most important factors that lenders will consider is your debt-to-income ratio. This ratio compares the ...
Senior debt provider
A senior debt provider, also known as a senior lender or primary lender, is a lender that provides a loan or financing to a ...
VAT (Value Added Tax )
Value Added Tax (VAT) is a consumption tax that is added to the price of goods and services in the UK and many other ...
