Glossary

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Higher Lending Charge (HLC)

A Higher Lending Charge is payable on selected products on applications with a high LTV. By charging a HLC it allows GE Money to offer high LTV products.

The HLC is included within GE Money’s APR calculation. Where the HLC fee is payable, it is quoted within both the Key Facts Illustration (KFI) and Mortgage Offer Letter (MOL).

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Home Insurance

Home Insurance can comprise of either buildings insurance or contents insurance or both. Buildings insurance covers you for damage to the structure of your home together with its fixtures and fittings. Buildings Insurance is a compulsory requirement of your mortgage but you may choose where to purchase it.

Contents insurance covers you for damage or loss of the possessions that you would normally take with you if you moved. Contents insurance is not a compulsory requirement of your mortgage. Both policies cover you against a stated list of perils for example; fire, subsidence, theft, flood and storm, as well as providing important cover for your legal liabilities as a homeowner and occupier.