A to Z of Finance (Jargon Buster) - The Letter S
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
Secured Loan
This is a Personal Loan that uses equity in your home for security. Secured Loans come with better interest rates than Unsecured Loans. You can use this loan for debt consolidation or home improvement. However, your home is at risk if you fail to keep up repayments secured on it.
Self Certification Mortgage
The lender relies on you to certify your income and will not check to confirm this with an employer. If you are self employed and have less than 3 years accounts then you would need a Self Certification Mortgage. It is also called a Self Cert Mortgage and Self Certified Mortgage. Finance Jungle also arrange Self Certification Loans
Self Employed Mortgage
Being self employed can make it harder to get a mortgage. If you are lucky you would have 3 years of accounts to show a lender, but if you have less than 3 years accounts then you would have to go for Self Certified (see above).
Stamp Duty
A Government tax you have to pay on the purchase price of any property with a value of £120,000 or more.
Standard Variable Rate
This is set by the Bank of England, it stays above the Bank of England Base Rate and can rise and fall along with the Bank of England Base rate in a simular way to any Variable Rate or Tracker Rate.
Structural Survey
This is a specialist report carried out by a structural engineer it will report on any structural problems or defects that could cause you a problem in the future. It is advisable to have this survey if you are buying an old house or to discover any problems that may be caused through alterations.
Sub Prime
This is a term used by lenders to describe the sector of Mortgage Problems. A sub prime mortgage is the same as a Non Status Mortgage, an Adverse Credit Mortgage, a Poor Credit Mortgage or a Bad Credit Mortgage.
