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APR
The Annual Percentage Rate (APR) is a measurement of the total cost of borrowing money (also known as "total charge for credit"). It makes it easier for customers to compare between different credit products on offer.

The method of calculating the APR is set out by the Financial Services Authority and in the Consumer Credit Act and all lenders have to use the same method. The APR is usually a little higher than the annual rate of interest because the APR takes into account other contractual charges, e.g. any higher lending charges or fees payable to GE Money and the intermediary.

There are certain assumptions made when calculating the APR; for example, interest rates will not change in the future, all monthly repayments will be made on the due date and the loan will not be repaid early.
Arrears
Arrears refer to the amount of unpaid instalments. This usually includes any fees and charges incurred as a result of being behind with normal monthly repayments on a mortgage, loan or credit card.
Barclays Bank Base Rate (BBBR)
The Barclays Bank Base Rate typically follows the Bank of England Bank Rate but it is not guaranteed to do so. The Bank of England Bank Rate can go up or down and is announced by the Bank of England's Monetary Policy Committee every month.
BSQ (Building Society Questionnaire)
A standard questionnaire used by banks, building societies and GE Money to gather information of a person’s mortgage account who is applying for a loan from another lender. GE Money can then use the information provided to help decide whether or not to approve the applicant for a new loan.
Budget Smart!
Budget Smart! is a GE Money initiative that aims to make sure customers find it easier to get the information they need about the Government’s Emergency Budget changes – so they can understand how it affects them and take action.  For more details, click here.
Capital Repayment (Capital and Interest Repayment)
A loan where the amount borrowed is gradually repaid and monthly payments are divided into part interest and part capital. At the end of the loan term the whole amount borrowed will have been repaid.
Charge
A Charge is the legal right over property given to GE Money by a customer to secure payment of a mortgage or secured loan. It enables GE Money to repossess and sell the property to recover their money if the borrower does not keep up the repayments on the loan.
County Court Judgement (CCJ)
A County Court Judgement is an adverse ruling by a County Court against a person who has not satisfied debt payments with their creditors. GE Money may take legal action and seek a CCJ where a customer has not kept up the repayments on a loan.
Combined Initial Disclosure Document (CIDD)
A document that is given to customers to outline the service GE Money will provide, the regulation of the service, a summary of products, an overview of charges and company details. A CIDD is used for mortgages and insurance.
Consumer Credit Act (CCA)
The Consumer Credit Act (1974) is consumer protection law that requires businesses that offer goods or services on credit or who lend money to consumers to be licensed by the Office of Fair Trading.

For further information, click here.
Council of Mortgage Lenders (CML)
The CML is a trade body representing banks, building societies and other mortgage lenders in the U.K. GE Money Home Lending is a member of the CML.

For further information, click here.
Credit Reference Agency (CRA)
An agency that gathers information about people’s credit history and status. This information provides GE Money with credit reports and credit scores on consumers, to help establish risks associated with lending money.
Credit Agreement
A Credit Agreement is the contract used to agree the terms and conditions of a loan regulated under the Consumer Credit Act.
Creditor
A company or person money is owed to.
Debt
A sum of money that you owe to a company or person.
Debtor
A person or company who owes money to another person or company.
Deferred payment
Nothing to pay for a certain amount of time.
Demands and Needs Statement
A Demands and Needs statement is presented after you have chosen or been recommended an insurance product.

There are two versions of the Demands and Needs statement, an advised and non-advised version. An advised version outlines your insurance demands and needs and details of why this insurance product was recommended to you. A non-advised version outlines what demands and needs the insurance product will meet.
Early Repayment Charge (ERC)
An ERC is a charge for closing a mortgage balance outside the term agreed at the beginning of the mortgage term.

During the ERC period, typically before the end of the fixed or discounted period, an ERC may apply. This amount payable by the mortgage holder depends on the mortgage outstanding and the terms of your mortgage.
Equity
The word equity is used to refer to the difference between the value of a property and the amount of all mortgages and/or loans secured on that property. E.g. if a property is worth £150,000 and there is £100,000 outstanding on the mortgage and/or loan, the equity in the home would be £50,000.
Exchange of Contracts
When both the buying and selling parties of a property sign copies of the contract and exchange through their legal representatives. The person buying the property is responsible for insuring it from the point of exchange of contracts.
Fraud Prevention Agency (FPA)
Information provided by customers and new applicants that is false or inaccurate, and where a fraud is identified, will be passed to Fraud Prevention Agencies (e.g. Experian, Equifax). Law enforcement agencies may access and use this information. GE Money and other organisations may also access and use this information for the prevention and detection of fraud and money laundering.
Financial Services Authority (FSA)
The Financial Services Authority (FSA) is an independent organisation, set up by the UK government. It has statutory (legal) powers under the Financial Services and Markets Act 2000.

The Financial Services Authority is responsible for regulating financial services and firms in the UK by setting the standards that they must meet. The FSA can take legal action against firms if they fail to meet the required standards.

For further information, click here.
Freehold
Freehold is a legal term that indicates that you have ownership of the property and the land that it is built on.

The types of ownership available in England and Wales are freehold and leasehold and the basis of ownership is identified in the property’s Title Deeds.
GE Mortgage Base Rate (GEMBR) - applies to mortgage products from 6th August 2010
The GE Mortgage Base Rate is the internal base rate of GE Money Home Lending and is the foundation of all of our mortgage products available from 6th August 2010. The GE Mortgage Base Rate is calculated based on the operating costs of the business. Note, this rate may go up or down and is not linked in any way to the Bank of England or other bank base rates.
GE Mortgage Reversionary Rate (GEMRR) - applies to mortgage products from 6th August 2010
The GE Mortgage Reversionary rate consists of the GEMBR plus Supplementary rate. The Supplementary rate is based on customer profile and is a margin over the GEMBR, which remains constant for the lifetime of the loan. Customers on a Fixed Rate, will move onto a GE Reversionary Rate as their fixed rate expires. Tracker customers will track at a set rate above the GE Mortgage Base Rate for the lifetime of the loan.
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 such as fire, subsidence, theft, flood and storm. It also provides important cover for your legal liabilities as a homeowner and occupier.
Illustration Initial Disclosure Document (IDD)
A document that is given to customers to outline the service GE Money will provide, the regulation of the service, a summary of products, an overview of charges and company details. An IDD is used only for either mortgages or insurance.
Interest Only Mortgage

Your monthly repayments on an interest only mortgage only pay the interest on your loan. You have to put money aside as savings for the loan repayment at the end of the term in addition to the interest being paid monthly.

Joint Cover Policy
A joint cover policy is when insurance is provided for both the first and the second wage earner, therefore it is "double" or two-person cover. Cover may also be available for self-employed borrowers.
Key Facts Illustration (KFI)
A KFI is a detailed illustration of the mortgage costs, including a breakdown of how payments are made up, details of the mortgage product, charges/fees, Early Repayment fees and any other associated costs.

A KFI is used for mortgages that are regulated by the Financial Services Authority. A KFI confirms the information that you have provided about yourself and the type of mortgage that you are looking for. You have the right to receive a KFI before committing yourself to any Financial Services Authority regulated mortgage and it is important that you check it carefully to make sure that the mortgage on offer is what you want.
Land Registry
HM Land Registry is responsible for keeping a record of ownership of land (including properties) in England and Wales. All changes in ownership must be registered and the buyer’s solicitor usually does this.
Leasehold
Leasehold is a legal term that indicates that you have ownership of the property but not the land that it is built on. A payment of ground rent to the landlord is usually required.

The types of ownership available in England and Wales are leasehold and freehold, and the basis of ownership is identified in the property’s Title Deeds.
Licensed Conveyancer
A professional person used as an alternative to a solicitor to carry out the legal work involved in buying and selling property. A licensed conveyancer must be properly qualified and licensed to carry out the work.
Loan to Value (LTV)
The amount of mortgage expressed as a percentage of the property value. For example, if a house was purchased for £100,000 and a mortgage of £80,000 was secured, the LTV would be 80%.
Mortgage
A mortgage is a loan where property, often the customer’s home, has been used as security. The lender takes a legal charge over the property until the loan has been repaid. It is always the first charge on the property.
Mortgage Broker
See Mortgage Intermediary.
Mortgage Deed
The mortgage deed is a formal document that is signed by a customer(s) to agree to the lender registering a charge over the property. Standard Security is the Scottish version of a mortgage deed.
Mortgage Intermediary
A mortgage intermediary is a person or firm that helps people arrange loans or mortgages. Some intermediaries deal with many lenders and others deal with one or a small number.
Mortgage Offer Letter (MOL)
The Mortgage Offer Letter is a contract sent by GE Money to the customer outlining the borrowing arrangements. The customer has to sign this document to confirm they accept the terms prior to any funds being released. The Mortgage Offer Letter is also known as the Offer of Advance.
Negative Equity
Negative equity is when the amount owed on a mortgage, exceeds the market value of the property.
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Payment Protection Insurance (PPI)
Payment Protection Insurance refers to an insurance policy that will provide a certain income for a period of time in the event of sickness, accident or redundancy. The policy can cover just one, or both the first and second wage earners. Cover may also be available for self-employed borrowers.
Pre-qualification
A set of criteria used to initially judge a potential customer ability to pay back a loan. The pre-qualification will gather various data relating to a customer’s financial situation; for instance, a credit score.

The decision made at the pre-qualification stage does not guarantee the customer a product, but precedes them to the next stage where the final decision will be made.
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Redemption
Paying off the mortgage at the end of the mortgage term.
Redemption Penalties Remortgage
Taking out a new mortgage to replace an existing one, secured on the same property. The new mortgage can be with the same or a different lender or it could be for a higher amount.
Repossession
If a customer does not keep up the repayments on a mortgage or other loan secured on property, GE Money has the right to take over the property and sell it to get its money back. Before this would happen, lenders would typically contact the customer to help find a way of getting back on track. If there is no other way for GE Money to get repaid, they could take legal action to seek a repossession order from a Court.
Right to Buy (RTB)
Right to Buy is a Government run scheme that allows some tenants to purchase the property that they rent from the Council at a price lower than the full market value.
Secured Loan
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.
Settlement Figure
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.
Single Cover Policy
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.
Stamp Duty (Land Tax)
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.
Standard Variable Rate (SVR)
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. For all loans sold prior to the 6th of August 2010 GE Money uses the Barclay's Base Rate. For all loans sold from the 6th of August 2010 GE Money uses the GE Mortgage Base Rate.
Term
The "length" of a loan, i.e. the time, from when the loan or mortgage is taken out, until the date it has to be fully repaid.
Tracker Rate Mortgage
A tracker rate mortgage is usually set at a percentage above or below a lender's SVR. Usually, lenders change their SVR when the Bank of England Base Rate Changes. For all loans sold prior to the 6th August 2010 GE Money's Tracker Rate Mortgage is set at a percentage above the SVR, which changes in line with the movements of the Barclays Base Rate. For all loans sold from the 6th August 2010 GE Money's Tracker Rate Mortgage is set at a percentage above the GE Mortgage Base Rate.
Underwriting
Underwriting is the process GE Money uses to assess the ability of a prospective client to repay a loan. The process takes into account various factors including employment history, financial status, previous credit history and current earnings.
Unsecured Loan
An unsecured loan is a loan where no security is provided. Unsecured loans are also referred to as personal loans.
Variable Rate
A variable rate can go up or down during the lifetime of a loan. The circumstances that cause the rate to change can be changes to the Bank of England Base Rate. A full list of reasons for changes to the variable rate are explained in the loan conditions.
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