Home equity loans glossary

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Glossary

iceh2o.net Annual Percentage Rate (APR)
This is the actual cost of borrowing of your loan, taking into account all associated fees and charges. The APR is the best way for most people to compare loans from different lenders.
Bad Credit
Bad Credit is a term used to describe the credit rating of a person with a history of loan defaults or credit card and mortgage arrears.
County Court Judgment (CCJ)
CCJ is the term for a judgment made in the county court against a person or company for debt, usually as the result of loan defaults.Credit Check
This refers to a credit history check made by a finance provider with a credit reference agency such as Experian. Lenders use these to help assess your loan application.
Default
This is a term used when a person fails to meet their financial obligations, such as missing mortgage or loan repayments.
Homeowner Loan
This is a secured personal loan that uses your home or property as security. Failure to keep up your repayments can result in your home being repossessed by the lender.
Mortgage
This is a type of secured loan used buy property, whether residential or commercial.
Repayments
Monthly sums paid back to the lender in order to clear your debt.Secured Loan
A loan, generally of high value, which requires a form of security or collateral.
Unsecured Loan
A loan which requires no security. More difficult to get approval for because lenders consider them as a higher risk.