• Rachael Panteney

The A-Z of Mortgages - C

Here we are with C from our A-Z of mortgages, helping you understand the mortgage jargon! Find the full glossary here.


C is for...




Credit score – Agencies such as Experian and Equifax will hold a record of your credit history, and lenders use this information to assess if you are a good risk to offer a mortgage to. A lower credit score is typically made up of past missed or late payments on agreements such as loans or credit cards.







CCJCounty Court Judgement. If you delay paying your debts the creditor will take you to court and, if found liable, you will be issued with a CCJ. This will impact your credit score. Once repaid the CCJ is satisfied and although your credit file is updated, the CCJ remains visible for 6 years.







Capital and Interest another term for Repayment Mortgage. Your monthly payment is split, partly to repay the interest and partly to reduce the outstanding balance.










Cashback - Sometimes this is offered on a mortgage, usually in lieu of a free valuation or free legal fees. It can either be a fixed amount or a percentage of the amount borrowed.










Completion - When the sale and purchase agreement is processed, and ownership of the property passes to the purchaser. This will usually be the day you would get the keys.










Conveyancing - The legal process of buying and selling property.













Contents Insurance - This is not compulsory but is recommended. It will cover your possessions in the event of fire, theft, damage, or loss. The contents of your home would be things you would take with you if you moved – furniture, clothes, jewellery, electrical items etc.








Critical Illness Cover - Also known as Serious illness insurance. Pays out with a lump sum or monthly income on diagnosis of an illness specified in the policy. Most policies cover over 30 conditions with the most claimed for conditions being Cancer, Heart Attack, Multiple Sclerosis and Strokes (According to the Aviva 2019 claims report)






Stay tuned for D coming soon, or visit our online blog for the full A-Z glossary here. For more in depth information, please contact us or call Rachael on 01323 436680 and book a FREE initial consultation today.

Willow Tree Financial Services.

A6 Chaucer Business Park,

Dittons Road, Polegate.

East Sussex, UK.

BN26 6QH

01323 436680

rachael@willowtree-fs.co.uk

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested. Your home may be repossessed if you do not keep up repayments on your mortgage. 
 

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