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Mortgage Glossary of Terms
A brief list of some of the most common Mortgage terms.
APR (Annual Percentage Rate)
AST (Assured Shorthold Tenancy)
Buy to Let
CCJ (County Court Judgment)
Early redemption fee
Equity and negative equity
Exchange of contracts
Interest Only Mortgage
A sole trader will be personally liable for the mortgage debt. Personal assets could be seized if the business defaults.
Partners are jointly liable for the debts of the partnership and their personal assets are at risk
With a limited-liability partnership and a limited company, the liability falls firstly on the business rather than on the individual partners and directors. The lender may take a floating charge on business assets in general, rather than simply on the current property being purchased.
The lender may also insist on personal guarantees as a condition of granting the loan, in which case the partners and directors may be held personally liable anyway.
LTV (Loan to Value)
MIG (Mortgage Indemnity Guarantee)
Right to Buy
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Kings Bay Georgia Mortgage Information
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