Mortgage Advice and Protection - Home owners

Jargon Buster

Annual Percentage Rate (APR) - This rate takes into account all the costs, interest charges, arrangement fees etc. Theoretically it allows you to compare mortgages on a like for like basis. However, you need to be careful as different lenders calculate it in different ways.

Capped Rate - The interest rate can go up and down. This is usually referred to as the Standard Variable Rate. However, it won't rise above an agreed rate - the Cap. If the standard variable rate goes above the cap, you'll only pay the capped rate. The capped rate usually lasts for an agreed period.

Conveyance - The legal process involved in buying and selling properties.
Exchange of contracts - The point at which the buyer and seller have legally committed themselves to the sale and purchase of the property.

Fixed Rate - The interest rate is fixed for a set period.

Freehold - This is when you own the property and the land that it is on.

Leasehold - This is when you own the property for a set number of years. After that it goes back to the freeholder. Most flats in England are leasehold.

LTV - Loan to Value. This is the amount of the mortgage expressed as a percentage of the value of the property, or the price you are paying for the property. So a £60,000 mortgage on a £80,000 property would mean an LTV of 75%.

Remortgage - This is when you switch your mortgage from your current lender to another one. You take out a new mortgage to repay your current one. You may be able to get a better rate that saves you money.


Reducing the Cost of Your Utilities

Looking to save money, switching your utilities could reduce your monthly bills.

Wise Buy helps you compare gas & electric suppliers, maintenance providers, telephone companies as well as tv companies and broadband providers.

We need electricity, gas, water, even Internet. With the basics, big companies know we need them, there has in the past been little incentive or competition to encourage customers to leave their providers. That is now beginning to change.

Just like any of our products, one size does not fit all, and there will be the right energy provider out there who can see to your energy needs, whether you are concerned about price, going with a green company, or getting the most efficient fuel for your home. On top of all this, by comparing providers, you could save 100's on your energy bill each year.

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