Posts Tagged ‘Consent to Second Charge Mortgage’

Banking Terms and Definitions

Thursday, May 6th, 2010

When you are making an important decision, such as buying an investment property, there is nothing worse than feeling overwhelmed or out of your depth. One thing that can cause things to start whizzing over your head is the use of jargon and industry-specific language. Unfortunately, the banking industry loves these terms, and the world of property purchasing and investment is full of them! A good property investment tip is to brush up on some of these banking terms and definitions before entering in any discussion where you need to be fully understanding what you are getting into.

Here’s a few banking terms and definitions to get you started:

Lending Priority:

The priority relates to the right a mortgager has over what is retrieved through the sale of the property. To avoid hassle later, a lender will often set out a higher priority than they have lent in case the customer wants to borrow extra in the future.

Consent to Second Charge Mortgage versus Deed