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Open end mortgage |
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Open End MortgageA mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage.Open end mortgageMortgage against which additional debts may be issued. Related: Closed-end mortgage.Open end mortgage Similar MatchesEndowment mortgageEndowment mortgageAn interest-only mortgage ultimately repaid by the proceeds of an endowment assurance policy which is assigned to the lender providing the mortgage. The policyholder pays the lender's interest only, for the term of the mortgage. The sum assured, which is payable on maturity or prior death of the policyholder, is used to repay the mortgage. Policies are usually with profits (or low cost endowment), unit linked or unitised with profits and sometimes this provides some additional capital for the policyholder after the lender has been repaid. Closed end mortgageClosed end mortgageMortgage against which no additional debt may be issued. Discounted rate mortgageDiscounted rate mortgageA mortgage which guarantees the interest rate charged will remain a set number of percentage points below the lender's standard variable rate. The rate changes as base rate moves up and down, but the relationship between base rate and the rate you pay remains constant. Mortgage arrearsMortgage arrearsThe amount of back pay you owe your mortgage lender for failing to meet your mortgage requirements. Reverse annuity mortgageReverse annuity mortgageA mortgage that permits elderly people who own their home outright to receive an income for life in return for gradually relinquishing ownership in the property. Further SuggestionsPrivate Mortgage Insurance (PMI)Mortgage debt Lehman Brothers Mortgage Backed Securities Index mortgage broker shared appreciation mortgage Secondary Mortgage Market Balloon mortgage Mortgage Broker commercial mortgage Interest only mortgages mortgage indemnity Blanket Mortgage Joint mortgage Mortgage code arbitration scheme mortgage life insurance Growing Equity Mortgage (GEM) Blanket Mortgage reverse mortgage Self build mortgage Portable mortgage Guaranteed Mortgage Certificates (GMC) Residential mortgage Mortgage pipeline risk Stripped mortgage backed securities (SMBS) Mortgagee |
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