|
|
Second mortgage lending |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
Second mortgage lendingLoans secured by real estate previously pledged in a first mortgage.Second mortgage lending Similar MatchesTake back mortgageTake back mortgageA loan made directly from the seller to the buyer. Mortgage interest relief at sourceMortgage interest relief at sourceThe mechanism by which income tax relief was extended to a borrower on the interest paid on the first £30,000 of a mortgage on their main home.The system was known as MIRAS, and was operated by most building societies, banks and insurance companies, who would reduce the amount of interest eligible borrowers had to pay every month, and then claim the tax relief back from the Inland Revenue.The amount of relief available on MIRAS was gradually scaled down to 10% and ended altogether from 6th April 2000. Biweekly mortgage loanBiweekly mortgage loanA mortgage whereby the borrower makes a half monthly payment every two weeks instead of the usual 12 monthly payments. This arrangement results in 26 half monthly payments per year and a significant reduction in interest since an extra monthly payment is made. Stepped discount mortgageStepped discount mortgageWhere the discount is, for example, fixed at one level for one year and then a slightly lesser level for two further years. Remember it is the percentage discount that is stepped and not the monetary amount, so your repayment can still vary. Blanket MortgageBlanket Mortgage(1) A mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision. (2) A mortgage covering all real property of the mortgagor, both present and future. When used in this meaning it is also called a "general mortgage". Further SuggestionsJunior mortgageMortgage cash surplus Self certification mortgage Mortgage Banker Chattel Mortgage reverse annuity mortgage Mortgage pipeline risk Mortgage Bonds Non status mortgage Mortgage pool Mortgage Guaranteed Mortgage Certificates (GMC) Mortgage broker remortgage Multifamily mortgage Growing Equity Mortgage (GEM) Package mortgage Mortgage REIT Mortgage broker Wraparound mortgage base rate tracker mortgage Alternative mortgage instruments Insured Mortgage Bi weekly mortgage loan Direct Reduction Mortgage |
|
|
|