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

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

Hire Purchase

This term is used to describe purchases and items brought on credit, such as: cars, electrical items, furniture etc. Hire Purchase is otherwise known as items brought on HP. A credit check will reveal if you have or have ever had HP agreements, it will also reveal the payment history of HP arrangements whether you were a prompt payer or defaulted on payments.

Homebuyers Report

This may also be called a homebuyers survey. The report is a surveyor's assessment of the state of repair and condition of the property. It covers all areas of the property that are readily accessible. The report summarises the findings and make recommendations for investigation or proposals for any work that may be required.

Household Insurance

A term used to describe both buildings and contents insurance. Mortgage Lenders will usually insist that a Buildings Insurance policy is taken out.

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.