Mortgage Rent - Linked - A To Z

G
Gazumping
A term used to describe when a seller, having already accepted an offer from a first party, then accepts a higher bid from a second party.

Ground Rent
A sum of money usually paid annually, by leaseholders to the owner of a freehold.

Guarantor
A person who agrees to guarantee a loan, in that, they will agree to be responsible for mortgage payments if the borrower cannot afford them.

H
Home Bond Guarantee Scheme
A guarantee scheme with the objective of protecting new houses and apartments against structural defects and to ensure property standards are maintained in the building industry.

HB47
A certificate issued by Home Bond, confirming that the property has been registered and is covered under the Home Bond Guarantee Scheme.

I
Indemnity Bond
Most lenders will charge this upfront, one-off fee if the buyer borrows in excess of 70-80% of the house value. This is to protect the lender against the borrower defaulting on the loan.

Indemnity Insurance
An insurance policy designed to protect the lender against loss in the event of a borrower defaulting and ceasing to repay the mortgage borrowed.

Index Linked
Allows you to increase your mortgage repayment by a set percentage each year. This reduces the amount of interest paid and reduces the mortgage term.