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Mortgage Glossary Letter "H"
A,
B,
C,
D,
E,
F,
G,
H,
I,
J,
K,
L,
M,
N,
O,
P,
Q,
R,
S,
T,
U,
V,
W,
X,
Y,
Z
Click on the letter or the term you wish to have defined. You will them be take to a page with an explanation for what the term means
Higher Early Repayment Charge
This is an extra charge on top of a normal early repayment charge, which will be imposed if the mortgage is paid off within a short period.
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Higher Lending Charge
This fee may be imposed when the amount borrowed exceeds a certain percentage of the value of a property. The fee might be used by the lender to purchase insurance against the borrower being unable to meet the high repayments – covering the costs if the lender then has to resell the property. In these circumstances, the lender might require a guarantor or other security such as shares or insurance policies to be pledged. Also known as Mortgage Indemnity Guarantee (MIG), Indemnity Premium, Insurance Guarantee Premium, Additional Security Fee, Mortgage Guarantee premium, or Mortgage Indemnity Premium.
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Home Buyers Report
This is more detailed than a mortgage valuation but not as in depth as a full structural survey. It is usually carried out by the proposed lender’s surveyor, and can replace the lender’s mortgage valuation. It can also be useful as a detailed report for the borrower.
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Home income plan
This is a scheme whereby people can release the equity tied up in their home. It applies to people who would stand to make lots of money from selling up, and home income plans are usually marketed at the elderly, who are typically asset rich and income poor. Essentially, it is a re-mortgage where the homeowner borrows part of the value of the home. This amount is paid off when they die, along with interest. For homeowners in their 60s, the accrual of interest could mean giving up the entire house on their death.
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