Accident, Sickness and Unemployment Cover – This is a type of insurance that will pay out a monthly cash amount for a restricted period of time if you lose your job, are unable to work through illness or have an accident that prevents you from working for a given length of time.

Annual Percentage Rate (APR) – APR is a percentage figure that considers all costs, charges and fess to enable you to compare loan repayments from multiple lenders on a like-for-like base.

Arrears - Arrears occur if mortgage payments have not been made on the agreed dates
and/or less than the agreed payment amount has been submitted to the lender.

Base Rate – This is the interest rate that is set by the Bank of England, which affects
all the savings and borrowing rates in the UK.

Bridging Loan – Bridging loans are taken out in a house buying chain, when a person wants to buy a house before they sell their existing residence. In order for house moving
to occur a buyer may “bridge” the completion on the new house with a loan whilst waiting for their old house to complete. Bridging loans bridge the gap between the two house sales. Bridging loans are expensive and risky to the borrower as the sale on their old house may not complete leaving them with expensive bridging loan repayments as well as mortgage repayments to meet.

Building Society – A Building Society is a financial institution that is not owned by shareholders but by the members of that particular building society. Building societies offer savings on deposits and lend money to its members in order for them to buy property.

Buildings and Contents Insurance – This is joint insurance policy which provides cover for the rebuild or structural repair costs to a property and the cost of the contents within that property in the event of loss or damage.

Buy-to-Let Mortgage – This is a mortgage designed for people who wish to rent the property they are mortgaging.

Capital and Interest Mortgage – A type of mortgage in which the borrower repays part of the loan capital each month as well as interest on the loan amount remaining

Capped-Rate Mortgage – This type of mortgage guarantees the borrower that the interest rates will not rise above a ceratin cap regardless of any increase in the Bank of England base rates.

CCJ – CCJ stands for County Court Judgement. CCJs are judgements made in England and Wales against a person if they are summoned to court about a debt and the person
either does not attend or loses the case. CCJs can affect a person’s credit rating.

CML – This stands for the Council of Mortgage Lenders which is a trade organisation
comprising the major banks and building societies.

Consolidation Loan – This is a type of loan that is arranged specifically to pay off (consolidate) a single debt or a number of debts.

Credit Search – This is a search invoked by a lender through a specialised company to ascertain if a loan applicant has CCJs or bad payment history. Lenders use this to predict
the degree of risk of lending to a potential borrower.

Credit Rating – This is a score or ranking that lenders award to borrowers to indicate creditworthiness.

Critical Illness Cover – A type of insurance which pays a guaranteed cash amount in the event that you are diagnosed with a critical illness covered in your Critical Illness Plan.