Jargon Buster
High street lenders
Providers of mortgage products who can be broadly
split into two groups - the building societies and the
banks. Banks are profit-making businesses that return
a portion of their profits to shareholders in the way
of dividends. Building societies on the other hand, are
mutually owned organisations, which exist not for profit
but for the benefit of the members. They claim that this
allows them to return profits to their customers in the
form of cheaper products.
HM Land Registry
Government organisation that keeps records of properties
in England and Wales. Transfer of ownership must be registered
with the HM Land Registry.
Homebuy loan
A homebuy loan is one which is used to buy a property
under a homebuy scheme. Homebuy scheme Homebuy schemes
are often run by housing associations looking to sell
of their property and are a type of initiative aimed at
encouraging home ownership amongst those people who may
not ordinarily have the means to purchase their own home.
Generally, you will have to obtain a mortgage for 75%
of the property value, while the RSL (Registered Social
Landlord) will front the rest of the money. The RSL will
retain there share and if you sell the property they will
keep the same proportion of the sale proceeds, including
any gains that are made.
Homebuyers report
This type of survey is prepared for you and gives details
of the basic state of repair of the property. It almost
always provides a basic valuation as well. A surveyor
will only inspect those areas of the property that are
reasonably accessible or visible. They will then write
a report on the property.
Household insurance
Buildings and contents insurance can often be purchased
together protecting both the building structure and your
belongings and possessions inside.
