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Mortgage glossary - S
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
Mortgage terms defined on this page:
- Second Mortgage
- Shared Equity
- Shared Ownership
- Stamp duty
- Structural Survey
- Subject to survey & contract
- Subsidence
- Surveyor
Second Mortgage
This is an additional mortgage taken out on a property, also known as a secured loan. If the borrower fails to keep up repayments on the loan, their house is at risk.
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Shared Equity
This means that a borrower can purchase a new build in partnership with the builder. This often means the borrower buys, say, 95% of the property and pays the rest on completion of the build.
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Shared Ownership
This is a scheme whereby a housing association tenant can part-purchase a property and rent the other part from the housing association.
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Stamp duty
Stamp duty (Stamp Duty Land Tax) is a tax levied when a property is purchased, but is not applicable to remortgages. Borrowers face penalties if the Duty is not paid within 30 days. Stamp duty rates are currently:
1% of property value £60000 - £250000
3% of property value £250001 - £500000
4% of property value £500001 and above.
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Structural Survey
This is the most thorough form of inspection carried out on a property, and must be paid for by the borrower. It is optional, but the lender will still carry out a mortgage valuation either way. The survey will tell you whether the building is structurally sound..
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Subject to survey & contract
Under English law, the deal between purchaser and seller of property does not become legally binding until contracts have been exchanged. Until then, your offer is ‘subject to survey and contract’ and neither the buyer nor the seller is under any obligation to go through with the transaction.
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Subsidence
This is one of the issues that a structural survey might pick up on. The term describes the drying out of the ground on which a property stands, making the structure unsound – cracks can develop and the property can sink at one end.
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Surveyor
A surveyor will carry out your property’s valuation and survey, and should be qualified by the Royal Institution of Chartered Surveyors (RICS) or the Incorporated Society of the Valuers and Auctioneers.
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THINK CAREFULLY BEFORE SECURING ANY DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.