see Annual Percentage Rate.
Accident, Sickness and Redundancy Insurance (ASR)
see Accident, Sickness, and Unemployment Insurance.
Accident, Sickness and unemployment insurance (ASU)
A policy that pays a percentage of your usual monthly mortgage payments if you cannot work because of accident/sickness or unemployment/redundancy. You cannot normally claim for incidents such as voluntary redundancy, dismissal for misconduct or self-injury. There is normally a deferred period before payments start as well as a maximum payment period.
Added to loan
Some of the costs of taking out a mortgage can be added to the amount you borrow, for example arrangement fees, mortgage indemnity fees or administration charges.
Addittional security fee
see Higher Lending Charge.
A charge by the lender to cover the administration costs involved in arranging your mortgage. This fee is not normally refundable if you do not proceed with the mortgage application.
Describes an individual or a situation where there have been historical problems in paying bills. This might take the form of repayment arrears, County Court Judgements or bankruptcy.
A figure used to show the true annual cost of borrowing. It is defined by law and is therefore a useful way of comparing mortgage products. It should appear on all Key Fact Illustrations, mortgage illustrations and quotes.
Someone who applies for a mortgage.
The amount a property increases in value as a result of changes in market conditions.
A charge by the lender to cover the costs involved in arranging your mortgage. This fee is not normally refundable if you do not proceed with the mortgage application.
Describes the amount or the situation where a person has failed either to make payments on time or at the correct level.