Existing Customers

The amount of money loaned to you in the second charge mortgage, and is the amount shown in your second charge offer document.

An amount charged by your broker or introducer for the mortgage advice given to you during the application process.

We will look at your income and outgoings to determine whether you can afford to repay your mortgage. Lenders must complete these checks by law.

This is the total yearly cost of the second charge mortgage and considers all the charges included in the mortgage. APRC can be used to compare different products easily.

The declaration form is required to be signed by you to confirm all the details used to process your application are correct.

This document is used once you have your second charge mortgage with us. It is used if you remortgage and change your main mortgage provider or if you obtain a further advance from your main mortgage provider. It will allow the main mortgage provider to remain as the first charge holder and for us to maintain our ranking as the second charge holder.

The company that Interbridge Mortgages use to capture electronic signatures.

This is when both the interest charged and the amount borrowed is paid off each month as part of the repayment of the loan.

This is the part of the mortgage not used for consolidation, it is often used for home improvements or other purchases and will be paid directly to you as the borrower.

This is the part of the mortgage used to pay off your creditors and will be paid to them directly from us.

This is a document that any adults over the age of 17 who reside at the property but are not party to the mortgage may be asked to sign before we complete your second charge mortgage.

If a County Court rules against you for defaulting on a debt, that ruling is listed on your credit record. Having such a judgement listed against you may mean you are turned down for future borrowing or be expected to pay a higher rate than other customers. The Scottish equivalent of an English CCJ is a Decree.

A credit reference agency will collate and retain financial information from many different aspects of your life. When assessing your application, a lender will use a Credit Reference Agency and take your credit records into account.

This is a fee you might have to pay if you want to end your second charge mortgage deal before the end date agreed. Not all mortgage products have an ERC, and those that do usually reduce the closer you get to the end of the agreement.

This is an industry standardised document that provides you with full details of the proposed second charge mortgage prior to you agreeing to proceed. This will include details of monthly repayments you will need to know, together with the likely set up costs. The information provided in an ESIS enables easy comparison across lenders.

This is the value of your property, less the outstanding mortgage balance(s) secured against it. If the value of your home has increased since purchase, and/or you reduce your mortgage, then your equity will increase.

This is the amount you spend. We will usually ask for your monthly expenditure in order to see if the proposed monthly repayments of the mortgage you wish to take out are affordable for you.

A fixed rate mortgage has a set interest rate over an agreed period of time, which is typically 2 years, 3 years, 5 years, or occasionally even longer. At the end of the fixed rate term, the mortgage will normally revert to a lender’s standard variable rate.

Your income before tax and other deductions.

The total loan amount borrowed in your second charge mortgage including any fees or charges that are initially added to the loan.

The amount charged to borrow the mortgage amount.

This is an administration charge made by lenders for arranging credit, including a second charge mortgage.

This is the total amount of borrowing in relation to the property value. Sometimes shortened to LTV.

This is the total amount you will pay Interbridge Mortgages every month.

A firm/individual with permission for advising on regulated mortgage contracts. Your broker is a mortgage adviser.

This is a legal document, used in England and Wales, outlining the mortgage terms on the property (where the Property is located in Scotland this is the Standard Security.). The mortgage deed allows Interbridge Mortgages to add an additional charge against your property when you take a second charge mortgage.

This is the amount of money Interbridge Mortgages is willing to lend you together with any conditions, such as the length of time you need to repay it in, and the interest rate charged.

This is a legal document, used in Scotland, outlining the mortgage terms on the property. The Standard Security allows Interbridge Mortgages to add an additional charge against your property when you take a second charge mortgage.

The period of time stated in the Mortgage Offer for the repayment of the money borrowed or any revised term agreed between you and Interbridge Mortgages.

A mortgage repayment greater than the normal monthly repayment set up with Interbridge Mortgages. It is usual that a percentage of overpayments are permitted each year before an early repayment fee is charged.

The date each month upon which the Monthly Payment is due.

A period of time, currently 7 days, following the release of your mortgage offer, during which you are able to think about the agreements terms and conditions, and make sure that the mortgage being offered is right for you.

This document details costs you will incur during your mortgage term, as well as those you could be liable for.

This is an external validation of the property value. The survey will be used to assess whether your property is suitable security for your lender and whether there is sufficient equity to support lending.

A variable rate mortgage has a variable interest rate, which may go up or down any number of times during the term of the mortgage.