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Welcome to the Finance glossary, we have made this glossary to make you more comfortable in finding and understanding the finance terms. This is brought to you by the loan uk .
Use the A-Z alphabetical list to find definitions of key finance terms.Our aim is to provide the mostcomprehensive glossary of UK financial terms on the internet
Finance Terminology - S
Salary
The amount of money you are paid by your employer.
Schedule Of Payments
Schedule of monthly payments under a loan sealing the fee see discharge fee.
Search Fee
Before you buy your property you have to check with your local authority that there are no plans that will effect the value of your property.
Second Charge
A legal charge that ranks behind a first charge, possibly to secure a second mortgage, or a guarantee given to secure other borrowings.
Second Home
An alternative to your main residence which is subject to capital gains tax! See also: holiday home.
Second Job
A source of income other than an individual's main employment.
Second Mortgage
A further loan on a property which ranks after the first charge mortgage.
Secured Loan
A loan that is secured using your property.
Self Build
A property, the construction of which is controlled by the borrower; not a finished unit. Loans on self build properties will normally be advanced in stage payments and are subject to strict limits on loan to value. A qualified architect will need to be involved.
Self Certification
A mortgage loan where the borrower makes a statement of his or her income and the lender makes fewer checks than normal on the accuracy of this statement.
Self Employed
An individual working on own account. For mortgage purposes this will include partners in unlimited liability businesses and professional practices.
Semi Commercial
A property that has at least part commercial use. A semi-commercial mortgage is a loan on security that is not entirely used for residential purposes, e.g. A shop.
Shared Ownership
A method of property purchase in partnership with a housing association. The borrower purchases part of the property and rents the remainder from the housing association. Also known as co-ownership, this arrangement is designed for people who could not otherwise become homeowners. Under most arrangements, the minimum purchase amount is 25% of the property value with the remainder available to be purchased in blocks of 25%.
Simple Valuation
This just tells you the value of the property, it does not tell you if it is structurally sound.
Sitting Tenant
A person having a legal right of occupation, even if the property changes ownership, and who is able to apply to the local authority to set a fair rent. Properties with sitting tenants are generally worth at least 30% - 40% less than their open market value with vacant possession.
Sole Occupancy
A property that is occupied by the borrower and his or her immediate family only. No paying tenants are in residence.
Special Conditions
Specific terms, usually outlined on the mortgage offer document, that apply to a particular loan offer.
Special Status Or Non Status
Where the individual is unwilling or unable to provide the necessary documentary evidence of income and status.
Stabilised Rate
A mortgage where a notional rate is set designed to be a true reflection of the likely average rate over a period. The borrower makes payments each month based on this rate, but the rate charged to the account may vary in line with market conditions. These products are designed to protect borrowers from wildly fluctuating interest rates.
Stamp Duty
All property purchases over £60,000 is taxed 1% by the government. See fee, arrangement fee, fees added to loan, booking fee, conveyancing fee, land registry fees, IGP and valuation fee.
Standard Variable Rate
A detached, semi-detached or terraced house or bungalow.
Structural Survey
The widest form of inspection that can be undertaken by a chartered surveyor. In the case of properties with movement, lenders may require a structural engineer's report. This is a different type of survey carried out by a chartered building engineer and should not be confused with a structural survey.
Studio Flat
A flat comprising a single habitable room, plus bathroom and possibly separate kitchen. Many lenders will not lend on these properties as they are considered more difficult to resell.
Subsidy (Mortgage)
A payment made by an employer to subsidise the cost of interest payments on a home loan. The amount and extent of the subsidy will vary from employer to employer and these can be calculated in a variety of different ways.
Survey
An inspection carried out for the benefit of the mortgage lender to make sure that the property forms a good security for a loan. This inspection and should not be relied upon on when deciding whether to purchase a property or not. Purchasers should be advised to obtain either a house or flat buyer's report or a full structural survey before proceeding with a purchase.
Survey Fee
See valuation fee, home-buyer's survey fee.
Scrip dividend
Where a company distributes dividends in the form of shares.
Scrip issue
A free issue of extra shares to shareholders by a company. This is often done when the share price has risen so high that they become too expensive to buy for the smaller investors. This is also known as a 'bonus' or 'capitalisation' issue.
Secondary market
The secondary market is a place where an investor can buy or sell existing securities. Shares will be traded in the secondary market once they have been issued in the primary market.
Securities
Term used to cover all stocks and shares.
Securities & Exchange Commission (SEC)
The primary regulator for all the securities industry in the US. Its responsibility is to promote full disclosure and to protect investors against fraudulent and manipulative practices in the securities markets.
Securities and Futures Authority (SFA)
The self-regulating organisation (SRO) which has responsibility for regulating all firms engaged in the Securities and Futures sector of the financial services market. However, since December 2001 all regulatory functions of the SFA has been absorbed into the Financial Services Authority.
Self-invested Pension Plan (SIPP)
A personal pension where the person saving for their retirement is given the flexibility to make their own investment decisions
Self-select Individual Savings Account
Self-select Individual Savings Account is a type of ISA which gives the investor the freedom to choose the investments that go in it. They are not restricted to the stocks and shares of one particular ISA manager.
Self -Regulating Organisation (SRO)
Organisations that were set up under the Financial Services Act 1986 to be directly responsible for policing investment businesses.
Selling short
The practice of selling securities which are not at present owned, in the hope that they can be bought at a lower price, once the price has fallen to settle the contract.
Settlement
The payment for the securities and the delivery of the securities in return for the payment.
Share
Shares represent a slice in the ownership of a company.
Shareholder
The owner of shares in a company. Shareholders supply what is known as the risk capital and share in the success of the company. If the company is a success and makes a profit, shareholders receive the rewards of increasing dividend income and capital gains on the price of their shares. If the company is a failure, shareholders stand to lose the whole of their investment.
Share certificate
This is the legal proof of ownership of shares in a company. However, with the increase of electronic trading and settlement systems such as Crest, share certificates are gradually being phased out. If an investor insists on having a share certificate then he/she will have to pay more for their share deals.
Share exchange
A facility that is offered by investment trusts to take your shares and convert them into shares in the investment trust cheaply and easily.
Split-capital trust
An investment trust that offers different types of share: high income shares that provide no capital growth, for example, or pure capital growth shares that provide no income. This type of investment gives the private investor the opportunity to choose the type of investment needed. Investors who just want income can choose to invest in income shares, while investors who want growth can opt for capital shares.
Stagging
The process of buying shares when they are intially offered to the general public and then selling them immediately to retail investors once trading has begun - with a view to making a quick profit.
Stamp duty
Stamp duty is a tax levied on share dealings and house purchases. The current rate levied on share dealings is 0.5%.
State Earnings-Related Pension Scheme (SERPS)
A top-up pension scheme to boost the state basic pension. Employees can build up an entitlement to SERPs by paying National Insurance Contributions on part of their earnings.
SERPS was replaced by the State Second Pension (SP2) in April 2002, which is designed to provide a better pension than SERPs for people on a low income. People on moderate to high incomes will be encouraged to contract out of the SP2 scheme.
Standard & Poor's Stock Index (S&P500)
US performance index of a basket of 500 stocks that are considered to be widely held.
Stepped preference shares
Stepped preference shares are preference shares whose fixed percentage dividend will rise annually at a pre-set rate.
Stockbroker
A stockbroker is a member of the London Stock Exchange who buys and sells shares on your behalf for a brokerage fee.
Stock Exchange
A main place of trading for stocks, shares and other securites.
Stock Exchange Automated Quotations (SEAQ)
THE SEAQ is a computerised price display and recording system for prices of gilts and of shares. SEAQ requires all competing market makers to quote buying and selling prices along with the number of shares they are prepared to deal with at that price. These quotes can also be viewed on screens in brokers' offices.
Stock Exchange Electronic Trading Service (SETS)
An automated trading system that was introduced in 1997 in the London Stock Exchange. It matches the orders of buyers and sellers automatically, thus cutting out the need for a market maker.
Subsidiary company
A company that has the majority of its voting shares owned by a holding company.
Surrender value
The cash amount received if an insurance policy is cancelled before its maturity date.
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