The act of remortgaging a property based on a higher value compared to the original purchase price. The capital raised is the amount left over after repayment of the original loan is deducted from the new loan. Some lenders will also take into account home improvement projects as part of the remortgage, if they are likely to significantly raise the value of the property.

Cash back mortgages provide you with a single lump sum of cash immediately on completion. The amount of cash is usually calculated as a percentage of the overall loan amount, though it can be a set figure. The percentage of the loan that is given as cash back can be as high as 5%, though amounts in the region of 1 to 3% are more common. See our Mortgage section for further information.

Person or persons who do not need a mortgage in order to buy a property and who do not have a property to sell.

These are a set of standards proposed by the government aimed at ensuring a certain level of standard amongst financial products. Whilst they are a sign that a lender or provider is a reputable business and offers products that are of a certain quality, a CAT mark does not ensure that a product is the most suitable one for you.

If payments on a financial agreement are not made, a magistrate may issue a county court judgement (CCJ) in the name of the individual. This greatly affects your credit rating.

A general term applied to mortgage lenders, but not to high street banks and building societies, who mainly operate wholly from a head office location.

One means of transferring monies electronically between Banks and Solicitors or Clients where the funds clear immediately in the recipient's account.

FAQs Archive | Together Financial Solutions

Q: Capped Rate Mortgages

The mortgage interest rate will not exceed a certain value during a certain period of time, although it will fluctuate above and below the current level. Some capped products will have a ceiling and a floor between which the rate payable may move; such loans may be known as cap and collar mortgages. Read more about capped rate mortgages in our mortgage section.

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