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Property advice | Mortgage guide | Mortgage glossary

Mortgage guide: Mortgage glossary

Listings for H

higher lending charge
- a charge made by some lenders to those who wish to borrow a high percentage of the value of the property – usually 75% to 90%. All or part of this charge may be used by the lender to buy an insurance policy to protect themselves in the event of the property being taken into possession and sold for less than the outstanding debt. Although the lender uses part or all of the money paid by the borrower to purchase this insurance, the insurance only protects the lender and not the borrower.

holiday home
- a property which will not be your main address or place of residence.

home improvements
- works carried out to improve your home. Mortgage interest relief used to be given on loans for home improvements in the same way as for house purchase. Loans taken out before its abolition still receive this relief but this is lost if you move lender.

homebuyer's valuation fee
- the fee paid for a fuller inspection of the property you are thinking of buying which is more thorough than the normal lender's valuation. This is frequently referred to as an Option 2 valuation fee.

house or flat buyer's report
- a more thorough survey than the simple valuation carried out on the property by the lender (although you still have to pay for it). If your lender does not offer this as an alternative to the basic valuation, you can negotiate with the surveyor carrying out the valuation for the fuller inspection and this may cost you less than a separate inspection.

housing association
- a society, body of trustees or company which is established for the purposes of providing, building, improving or managing, or facilitating, or encouraging the construction or improvement of, housing accommodation. It does not trade for profit. Anyone wanting help with housing puts his or her name down on the housing association list which acts in the same manner as council house lists. See shared ownership.

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