Glossary

Cap - The upper limit to which the interest rate can climb on a Cap and Collar Mortgage

Cap and Collar Mortgage - A flexible Mortgage in which the interest rate cannot rise above an agreed level (cap) or fall below an agreed level (collar) for a specified period of time

Capped Rate - An interest rate that cannot rise above an agreed level for a specified period of time.

CCJ - See County Court Judgement

Closed Bridge - See Closed Bridging Loan

Closed Bridging Loan - A bridging loan that is due to be repaid withing a specified period of time

Collar - The lower limit to which the interest rate can fall on a Cap and Collar Mortgage

Commission - A payment made by a lender to a Mortgage Broker for introducing business to them

Conveyancing - The process of transferring the legal ownership of a property between a buyer and a seller

Conveyancing Fee - A fee charged by a solicitor or conveyancer for conducting the conveyancing process

County Court Judgement - A ruling issued by a County Court ordering one party to pay an amount to settle a debt to another party. A record of the ruling will be made on the debtors credit file and may affect mortgage applications.