A to Z of Finance (Jargon Buster) - The Letter G

The world of Finance is full of buzz words and Jargon. In this section I'll translate a whole range of finance terms so you won't get caught out.

Index A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Gazumping

This term is used to describe the situation where an offer is agreed on the sale of a property but before it is made legally binding, before the exchange of contracts the seller accepts a higher offer from another bidder. By this time the person who made the first accepted offer could have had surveys and local authority reports done and they could lose alot of money if the seller decides to go ahead and sell to the higher bidder.

Guarantor

A person who is prepared to guarantee payments and other obligations of a mortgage or loan. The guarantor will be liable for payments if a the borrower is unable to pay them, so the guarantor will need to have understanding and means to make payments should the need arise. Normally references or credit search references will be taken up on a guarantor.
For example - Parents may act as guarantors for their children when they are buying their first home.

Typical, variable APR is 10.9%. Rates range from 7.7% to 18.3%
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP MORTGAGE OR DEBT REPAYMENTS SECURED ON IT
THINK CAREFULLY BEFORE SECURING ANY OTHER DEBT ON YOUR HOME. NON PAYMENT OF ANY LOAN CAN AFFECT YOUR CREDIT RATING

Every effort has been made to ensure that the facts here are correct. No liability is accepted for any errors contained herein or for any loss resulting from actions taken.