Jargon Buster
A glossary of commonly used consumer finance terms
Within all aspects of consumer finance: Mortgages, Loans, Credit Cards or Savings the use of jargon and accepted industry terms is widespread. Our comprehensive jargon buster explains what those terms mean in an effort to demystify consumer finance.
Higher Lending Charge (HLC)
An insurance premium which insures the lender against any loss of money, e.g. If you default on your loan or get repossessed.
Hire Purchase
Allows an individual to take possession of goods while paying for them over time.
Home Equity Loan
A method of releasing capital from your home. Also known as equity release.
Home Improvements
Work carried out to improve your home.
Home Information Packs (HIP's)
The Seller of a residential property must provide a HIP to prospective buyers in England and Wales. The HIP should provide enough information relating to the property to allow prospective buyers to make an informed decision about the purchase. A range of documents must be included, an energy performance certificate, registration details and details of standard searches. HIPs generally cost around £250 and can be purchased from estate agents, solicitors or specialist providers.
Homebuyer's Report
The homebuyer’s report is the most basic and cheapest of the surveys available. This will be the minimum required by a lender.
Homebuyer's Valuation Fee
This is the fee paid for a simple survey of the property you are thinking of buying.
Home Owner
This is the term used to refer to an individual or individuals who are buying a property using a mortgage.
Home Income Plan
A way of receiving an income from the equity in a property while still living there.
House or Flat Buyer's Report
A more thorough survey than the simple valuation carried out on the property by the lender.
Household Insurance
There are two main types of insurance cover for your home: building insurance and contents insurance.