Glossary - G

Gazumping
This is when a seller's agent takes a higher bid after accepting yours.
General Conditions
Standard rules and conditions that apply to a mortgage, and are presented to the borrower in booklet.
General Insurance
Insurance taken on property and vehicles for instance buildings insurance
Grace Period
Time frame in which mortgage payments can be made after due date without penalty.
Gross Income
Total income before tax.
Ground Rent
When you are a leaseholder you will probably have to pay ground rent to the person that owns the land you property stands on.
Guaranteed Earned Income
Extra income that you receive along with your basic salary that is not part of your normal basic pay under the terms and conditions of your employment but which you are guaranteed to receive.
Guarantor
A person who agrees to guarantee that a mortgage or loan will be paid. This person is fully liable for the repayment of the loan.
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The Mortgage Shop is a trading style of Mortgage Shop No1 Limited which is an appointed representative of Personal Touch Financial Services Limited which is authorised and regulated by the Financial Services Authority. The Mortgage Shop is entered on the FSA register (http://fsa.gov.uk) under reference 425677. Buy to let mortgages may not be regulated by the FSA & personal loans are not regulated by the FSA. The guidance and/or advice within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

 

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