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.
