A secured loan is a loan where the borrower provides security, in the form of an asset, to protect GE Money in the event that the loan is not repaid.

The lender takes a legal charge over the property until the loan has been repaid. It is usually the second charge on the property.

In some cases, a self-employed customer is not able to provide the lender with evidence of all of their income. Under these circumstances GE Money will offer a self-certification loan, which allows a self-employed customer to sign an income declaration form confirming their ability to make the necessary repayments on the loan.

The amount required to repay a secured loan early. When requesting a settlement quotation, check what payments have been included in the figure quoted, and which monthly payments the lender has assumed that they will receive in the normal way before the loan is repaid.

A settlement figure is also sometimes referred to as a redemption figure.

Payment Protection Insurance is used for a single customer or where protection is required for the main wage earner only. Cover may also be available for self-employed customers.

A tax levied on transfers of land (including property). It is paid by the buyer to the Land Registry to record the new owner. GE Money’s interest as mortgagee would normally be registered at the same time.

Land tax is charged on all property transfers where the property is bought for £120,000 or more. The amounts and rates vary dependent on the value of the property, whether it is a freehold or leasehold purchase and dependent on the area.

The Standard Variable Rate is a variable rate of interest individual to each lender. Usually, lenders change their SVR when The Bank of England Base Rate changes. GE Money uses the Barclay’s Base Rate.