Mortgage and Property Glossary

<BODY BGCOLOR="#FFFFCC" LEFTMARGIN="20" TOPMARGIN="20" MARGINWIDTH="20" MARGINHEIGHT="20" TEXT="#000000" LINK="#000080" VLINK="#000080" ALINK="#0000FF"> <P ALIGN="CENTER"><FONT FACE="Arial"><B>Mortgage and Property Glossary</B></FONT></P> <P ALIGN="CENTER"><B><FONT FACE="Arial"><A HREF="#A" STYLE="text-decoration: underline; color: #000080">A</A> | <A HREF="#B" STYLE="text-decoration: underline; color: #000080">B</A> | <A HREF="#C" STYLE="text-decoration: underline; color: #000080">C</A> | <A HREF="#D" STYLE="text-decoration: underline; color: #000080">D</A> | <A HREF="#E" STYLE="text-decoration: underline; color: #000080">E</A> | <A HREF="#F" STYLE="text-decoration: underline; color: #000080">F</A> | <A HREF="#G" STYLE="text-decoration: underline; color: #000080">G</A> | <A HREF="#H" STYLE="text-decoration: underline; color: #000080">H</A> | <A HREF="#I" STYLE="text-decoration: underline; color: #000080">I</A> | <FONT COLOR="#000080"><U>J</U></FONT> | <FONT COLOR="#000080"><U>K</U></FONT> | <A HREF="#L" STYLE="text-decoration: underline; color: #000080">L</A> | <A HREF="#M" STYLE="text-decoration: underline; color: #000080">M</A><BR> <A HREF="#N" STYLE="text-decoration: underline; color: #000080">N</A> | <A HREF="#O" STYLE="text-decoration: underline; color: #000080">O</A> | <A HREF="#P" STYLE="text-decoration: underline; color: #000080">P</A> | <FONT COLOR="#000080"><U>Q</U></FONT> | <A HREF="#R" STYLE="text-decoration: underline; color: #000080">R</A> | <A HREF="#S" STYLE="text-decoration: underline; color: #000080">S</A> | <A HREF="#T" STYLE="text-decoration: underline; color: #000080">T</A> | <A HREF="#U" STYLE="text-decoration: underline; color: #000080">U</A> | <A HREF="#V" STYLE="text-decoration: underline; color: #000080">V</A> | <A HREF="#W" STYLE="text-decoration: underline; color: #000080">W</A> | <FONT COLOR="#000080"><U>X</U></FONT> | <FONT COLOR="#000080"><U>Y</U></FONT> | <FONT COLOR="#000080"><U>Z</U></FONT></FONT></B></P> <P><A NAME="A"></A><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Advance</FONT><FONT FACE="Verdana" SIZE="2"><BR>The mortgage loan.</FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Appointed representative</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is a salesperson, company or organisation that advises on the investment products (endowments, pensions, unit trusts and so on) of one single life assurance company. It can also refer to an Independent Financial Adviser who is a member of a network. </FONT></P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">APR Annual Percentage Rate. </FONT></P> <P><FONT FACE="Verdana" SIZE="2">This is meant to be a way of comparing the cost of credit. It takes into account most of the up-front and on-going costs involved in taking out a mortgage. You cannot always rely on it because lenders work it out in different ways. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Arrangement fee</FONT><FONT FACE="Verdana" SIZE="2"> <BR>A fee you pay to the lender in return for a mortgage deal. This deal could be fixed, discounted or cashback. The fees are known as the: · application fee · booking fee · completion fee · drawdown fee · reservation fee.</FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">ASU Insurance</FONT><BR><FONT FACE="Verdana" SIZE="2">This covers accident, sickness and unemployment. It provides a monthly payment if you cannot work for an extended period due to an accident, sickness or unemployment.</FONT></P> <P></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="B"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">BBA British Bankers Association.</FONT><FONT FACE="Verdana" SIZE="2"> <BR>This is the trade organisation of the banks.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Bonuses</FONT><FONT FACE="Verdana" SIZE="2"><BR>These are payments that a life assurance company adds to a 'with-profits' policy. Bonuses are usually added at the end of each year, and there may be a final (terminal) bonus when the policy comes to the end of its term. This normally coincides with when you have to repay the mortgage. Bonuses aren't guaranteed and the amount awarded can change each year. However, once a bonus is made by the life company, they can't take it away. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">BSA Building Societies' Association.</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is the trade organisation of the building societies.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Buildings insurance</FONT><FONT FACE="Verdana" SIZE="2"><BR>This covers the cost of rebuilding or repairing the structure of the property. Lenders insist you have enough buildings insurance before they give you a mortgage. With leasehold properties, it is the freeholder's responsibility to arrange buildings insurance, although the freeholder will usually pass on the charges to the leaseholder.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Buildings and contents insurance</FONT><BR><FONT FACE="Verdana" SIZE="2">This is combined insurance, which may be cheaper than one policy for buildings insurance and another separate policy for contents insurance.</FONT></P> <P></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="C"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Capital and interest</FONT><FONT FACE="Verdana" SIZE="2"><BR>Your monthly payments are partly to pay the interest on the amount you borrowed and partly to repay the outstanding mortgage. Also known as a repayment mortgage.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Capped rate</FONT><FONT FACE="Verdana" SIZE="2"><BR>An interest rate charged for a set period of months or years which can go up and down with the variable rate, but there is a maximum (capped) interest rate which it cannot go above. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Cashback</FONT><FONT FACE="Verdana" SIZE="2"><BR>A payment you receive when you take out a mortgage. It may be a fixed amount, or a percentage of the amount of the mortgage.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">CCJ County Court Judgement.</FONT><FONT FACE="Verdana" SIZE="2"><BR>A decision reached in the County Court which can be for not paying debts. If you pay off the debt, the CCJ is satisfied and a note is put on your records to say this. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">CML Council of Mortgage Lenders.</FONT><FONT FACE="Verdana" SIZE="2"><BR>Building societies and most banks and other lenders are members of this trade organisation.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Completion</FONT><FONT FACE="Verdana" SIZE="2"><BR>When the sale and purchase of the property are finalised, and you become the owner of the house or flat. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Contents insurance</FONT><FONT FACE="Verdana" SIZE="2"><BR>Insurance cover for your possessions. This may include cover against loss or damage away from the home. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Contracts</FONT><FONT FACE="Verdana" SIZE="2"><BR>The legal documents under which you and the person selling the property agree to buy and sell the property . </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Conveyancing</FONT><FONT FACE="Verdana" SIZE="2"><BR>The legal process involved in buying and selling property. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Credit search</FONT><FONT FACE="Verdana" SIZE="2"><BR>A check the lender makes with a specialist company to find out whether you have any County Court Judgements or a record of not paying loans, credit-card bills and so on. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Credit scoring</FONT><FONT FACE="Verdana" SIZE="2"><BR>A lender's way of assessing whether you are a good risk to lend a mortgage to. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Critical Illness</FONT><BR><FONT FACE="Verdana" SIZE="2">Insurance that generally pays out a lump sum if you are diagnosed with a life-threatening illness or disease.</FONT></P> <P></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="D"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Date of entry</FONT><FONT FACE="Verdana" SIZE="2"><BR>In Scotland, this is the same as exchanging contracts.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Decreasing term assurance</FONT><FONT FACE="Verdana" SIZE="2"><BR>Life assurance that pays out an amount if you die during the term of the policy. The amount of cover reduces each year. So, this makes it ideal to cover repayment mortgages where the amount you owe the lender reduces each year. Decreasing term assurance is usually cheaper than level term assurance. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Deposit</FONT><FONT FACE="Verdana" SIZE="2"><BR>The amount of money you put towards buying a property. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Disbursements<BR></FONT><FONT FACE="Verdana" SIZE="2">A solicitor's expenses - for example, for stamp duty, HM Land Registry fees, searches, faxes and so on. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Discount term</FONT><FONT FACE="Verdana" SIZE="2"><BR>The time that a discounted rate applies to a variable-rate mortgage. This term may be for a guaranteed number of months or years, or it could be until a set date in the future; for example, 30 June 1998.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Discounted rate</FONT><BR><FONT FACE="Verdana" SIZE="2">A guaranteed reduction in the standard variable mortgage rate. This often lasts for an agreed period .</FONT></P> <P></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="E"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Early redemption charges</FONT><FONT FACE="Verdana" SIZE="2"><BR>A fee charged by the lender if you pay off all or part of your mortgage before an agreed date or you move the loan to another lender. These charges usually apply on fixed, discounted, or cashback mortgages.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Endowment</FONT><FONT FACE="Verdana" SIZE="2"><BR>A life assurance policy that is designed to produce a lump sum to pay off an interest-only mortgage. There are different types of endowments, for example, 'with-profits', 'unit-linked' and 'unitised with-profits'. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Equity</FONT><FONT FACE="Verdana" SIZE="2"><BR>The amount of value in a property that isn't covered by a mortgage - simply take the amount of the mortgage from the valuation to work out the equity. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Equity release</FONT><FONT FACE="Verdana" SIZE="2"><BR>You take a new, larger mortgage, or increase a mortgage you already have and use some or all of the extra money you have raised for home improvements, holidays and so on.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Estate agency fees</FONT><FONT FACE="Verdana" SIZE="2"><BR>The amount the estate agent charges the person selling the property. This is usually worked out as a percentage of the sale price, and may be negotiable. On a 4% fee, the estate agent selling the property for £60,000, would receive £2,400.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Exchange of contracts</FONT><FONT FACE="Verdana" SIZE="2"><BR>The point where you and the person selling the property sign and swap identical contracts that show the price and what fixtures and fittings are being sold, as well as a date when everything will be finalised. When you exchange contracts the deal becomes legally binding, and if you or the seller pull out before completion, you or they will have to pay compensation to the other side.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Execution only</FONT><FONT FACE="Verdana" SIZE="2"><BR>The company selling or arranging an investment product like a pension or PEP cannot and does not give any advice on the benefits of the scheme - they simply sell the product.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Extra cover or accidental cover</FONT><BR><FONT FACE="Verdana" SIZE="2">This is insurance against damage to the structure of your property and its contents - for instance, putting your foot through the ceiling or spilling paint on the carpet.</FONT></P> <P></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="F"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Fixed rate</FONT><FONT FACE="Verdana" SIZE="2"><BR>The interest charged on the mortgage is for a set amount for an agreed period of months or years. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Fixtures</FONT><FONT FACE="Verdana" SIZE="2"><BR>Any item that is attached to a property, and so is legally part of the property. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Flexible mortgage</FONT><FONT FACE="Verdana" SIZE="2"><BR>A type of mortgage where you can make extra payments and even under payments without paying a charge or penalty. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">FPC Financial planning certificate.</FONT><FONT FACE="Verdana" SIZE="2"><BR>These are professional qualifications for financial advisers. There are FPC Levels I, II, III , and those who have passed all three and are members of the Life Assurance Association are awarded the designatory letters MLIA(dip).</FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Freehold</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is when you own the property and the land it is on.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Freeholder</FONT><BR><FONT FACE="Verdana" SIZE="2">Someone who owns the freehold of the property. </FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="G"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Gazumping</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is when the person selling the property accepts an offer from a potential buyer, and then accepts a new, higher offer from another buyer before exchange of contracts.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Gazundering</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is when the person selling the property accepts an offer, and then the buyer puts in a new, lower offer just before exchange of contracts.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Ground rent</FONT><FONT FACE="Verdana" SIZE="2"><BR>A fee that a leaseholder has to pay the freeholder every year.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Guaranteed death benefit</FONT><BR><FONT FACE="Verdana" SIZE="2">On certain policies, there is a guarantee that the company will pay out a certain amount when you die.</FONT></P> <P></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="H"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">HM Land Registry</FONT><FONT FACE="Verdana" SIZE="2"><BR>The official organisation that keeps records of properties in England and Wales. Transfer of ownership has to be registered with the HM Land Registry.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Homebuyer's report</FONT><BR><FONT FACE="Verdana" SIZE="2">This is when a professional surveyor checks the structural state of a property. This is more detailed than a valuation but less detailed than the structural survey. The report is optional and you pay the bill; but, this report should pick up possible problems and may give you the chance to negotiate a lower price. And, you have more grounds to sue or get compensation from a surveyor for a poor report than you would from a simple valuation . </FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="I"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">IFAs Independent Financial Advisers.</FONT><FONT FACE="Verdana" SIZE="2"><BR>These advisers can give you information on and recommend investment products (endowments, pensions, ISA's, etc) from a wide range of life assurance and investment companies.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Income multipliers or multiples</FONT><FONT FACE="Verdana" SIZE="2"><BR>The size of mortgage that lenders will offer will often be worked out by multiplying your income each year by a set figure. If you are the only person taking out the mortgage, the usual maximum income multiple is three times your yearly income. So someone earning £15,000 could borrow three times this amount, or £45,000. If you are taking out a mortgage with someone else, the multipliers might be three times the main income plus one times the second income. Or it could be two-and-a-half times the two incomes added together. (Lenders may consider including all or part of any regular bonuses or commission you receive as your income. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Income protection insurance</FONT><FONT FACE="Verdana" SIZE="2"><BR>This covers accident, sickness and unemployment. It provides a monthly payment if you cannot work for an extended period due to an accident, sickness or unemployment.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Income references</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is confirmation from your employer that you earn the amount you claim in your mortgage application. Accountants may also give confirmation of income if you are self-employed. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Interest only</FONT><FONT FACE="Verdana" SIZE="2"><BR>Your monthly payments to your lender are simply made up of interest. You do not pay off any of the mortgage during the term of the mortgage. You pay off the mortgage finally using the proceeds of a separate investment plan for example, an endowment, personal pension or ISA and so on.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">IPT Insurance premium tax.</FONT><BR><FONT FACE="Verdana" SIZE="2">A tax on all UK general insurance. This is currently charged at 4% of the premium when you buy it from an insurance company or an insurance broker (but the Government can change this rate). </FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="L"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Leasehold</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is when you own the property for a set number of years, after which it goes back to the freeholder. Most flats in England are leasehold, and although most lenders will lend on leasehold properties, they will demand that there is a number of years left on the lease before making a loan (this could be 60 years, but will depend on the lender) . </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Leaseholder</FONT><FONT FACE="Verdana" SIZE="2"><BR>Someone who owns a leasehold property.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Level term assurance</FONT><FONT FACE="Verdana" SIZE="2"><BR>Life assurance which pays out a lump amount if you die during the term. The amount of cover stays the same throughout the term, which makes the cover suitable for interest-only loans, due to be repaid by an ISA, because the amount you owe on the mortgage stays the same until the end of the mortgage. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Licensed conveyancer</FONT><FONT FACE="Verdana" SIZE="2"><BR>An alternative to solicitors, these people specialise in the legal side of buying and selling property. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Loyalty bonus</FONT><FONT FACE="Verdana" SIZE="2"><BR>These are special schemes if you already have a mortgage, that may provide reduced interest rates or fees, and even services like removals. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">LTV</FONT><FONT FACE="Verdana" SIZE="2"><BR>The size of the mortgage worked out as a percentage of the price you are paying for the property or valuation. (If your property was valued at £80,000, a £60,000 mortgage would be a 75% Loan to value. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">LTV Loan to value.</FONT><BR><FONT FACE="Verdana" SIZE="2">This is the size of the mortgage as a percentage of the value of the property or the price you are paying for the property. (A £45,000 mortgage on a house valued at £50,000 would mean an LTV of 90%.</FONT></P> <P></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="M"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">MIG Mortgage Indemnity Guarantee.</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is insurance that covers the lender in case your property is repossessed and the lender cannot get back their money. (The lender may add the MIG, which usually applies on high LTV mortgages, to the mortgage.). This guarantee provides no protection for the borrower, and if a repossesed property results in the indemnity provider making a payment to the Lender, the indemnity provider will have a claim to the amount of the payment from the borrower.</FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Mortgage</FONT><FONT FACE="Verdana" SIZE="2"><BR>A loan to buy a home where you put up the property as security against you paying back the loan.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Mortgagee</FONT><FONT FACE="Verdana" SIZE="2"><BR>The company or organisation which lends you the money under a mortgage. </FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Mortgagor</FONT><FONT FACE="Verdana" SIZE="2"><BR>The person taking out the mortgage. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">MRP Mortgage Repayment Protection</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is insurance available to mortgage payers. This will pay an agreed monthly payment if you cannot work because of an accident, sickness or unemployment. This amount should cover your mortgage repayments.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Multiple agency</FONT><FONT FACE="Verdana" SIZE="2"><BR>A number of estate agents agree to try to sell the property. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Mutuals</FONT><BR><FONT FACE="Verdana" SIZE="2">Organisations owned by and for the benefit of their members (savers and borrowers), with no outside shareholders. Some building societies are mutuals, and so are some insurance and investment companies. </FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="N"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Negative equity</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is where the money you owe on the mortgage is greater than the value of the property. For example, if you had a £60,000 mortgage on a property valued at £50,000, you would have £10,000 negative equity. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">New for old</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is insurance cover which will pay the full cost of replacing damaged or lost property with a similar, new item. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">No-claims bonus</FONT><FONT FACE="Verdana" SIZE="2"> <BR>This is similar to motor insurance. You will be given a discount on buildings and contents insurance if you haven't made a claim for a number of years.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Non-status</FONT><BR><FONT FACE="Verdana" SIZE="2">A borrower with impaired credit looking for a mortgage, would likley only apply for Non Status mortgages.,</FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="O"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">On risk</FONT><BR><FONT FACE="Verdana" SIZE="2">This is when your insurance cover begins. This may be before you have paid a premium. </FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="P"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">PEP</FONT><FONT FACE="Verdana" SIZE="2"><BR>Personal equity plan. This is a tax-free way to own shares or unit trusts. Depending on the lender, you can use PEPs to repay an interest-only mortgage. New PEP's and ups to existing PEP's are no longer allowed.</FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Personal pension</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is a pension plan used to save for an income in retirement. In some circumstances it will also pay a tax free lump sum on retirement. Some lenders are prepared to grant mortgages to borrowers wishing to use their lump sum to repay their interest only mortgage.</FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">PHI Permanent health insurance.</FONT><FONT FACE="Verdana" SIZE="2"><BR>This pays a regular monthly amount until you retire or return to work if you cannot work because of illness or an accident. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Policy excess</FONT><FONT FACE="Verdana" SIZE="2"><BR>The amount you will have to pay when you make a claim. For example, this may be the first £50 of a £500 claim for damage caused by a storm. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Policy schedule</FONT><FONT FACE="Verdana" SIZE="2"><BR>This gives policy details of how much cover you have (the sum insured), the discount you qualify for (if any), and the premiums you have to pay. With some policies you may get a new schedule when you renew the policy or whenever you want to change your policy.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Possession</FONT><FONT FACE="Verdana" SIZE="2"><BR>The lenders' term for repossessing your property.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Private medical insurance</FONT><FONT FACE="Verdana" SIZE="2"><BR>This simply pays the costs for private medical or hospital treatment. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Purchaser</FONT><BR><FONT FACE="Verdana" SIZE="2">The buyer of the property. </FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="R"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Rebuilding cost</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is the recommended amount (from your property valuationthat you should take out buildings insurance cover for. This may be higher or lower than the market value of your property. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Remittance fee</FONT><FONT FACE="Verdana" SIZE="2"><BR>A charge made by the lender for sending the mortgage funds to your solicitor when the purchase is just about to be completed. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Remortgage</FONT><FONT FACE="Verdana" SIZE="2"><BR>A new mortgage although you are not moving home. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Removal expenses</FONT><FONT FACE="Verdana" SIZE="2"><BR>The cost of hiring a removal firm. This may depend on the total amount and size of your possessions, the distance travelled, the number of stairs and so on. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Repayment</FONT><FONT FACE="Verdana" SIZE="2"><BR>Your monthly payments are partly to pay the interest on the amount you borrowed and partly to repay the outstanding mortgage. Also known as a capital and interest mortgage.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Replacement value</FONT><BR><FONT FACE="Verdana" SIZE="2">This is the cost of buying the same or similar items as new if you have to replace them in the event of a claim. </FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="S"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Sealing fee</FONT><FONT FACE="Verdana" SIZE="2"><BR>A charge made by lenders when you repay the mortgage. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Searches</FONT><FONT FACE="Verdana" SIZE="2"><BR>Checks carried out during the conveyancing. These checks are made with local authorities and other official organisations to check planning proposals and other matters that may affect the value of the property, and if it can be sold in the future. The HM Land Registry is also searched to establish that there are no unknown charges registered against the property.</FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Self-certified</FONT><FONT FACE="Verdana" SIZE="2"><BR>You confirm how much you earn, and the lender does not need any references. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Settlement</FONT><FONT FACE="Verdana" SIZE="2"><BR>In Scotland, this is the same as completion. </FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Sole agent</FONT><FONT FACE="Verdana" SIZE="2"><BR>A single estate agent agrees to sell the property.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Solicitor</FONT><FONT FACE="Verdana" SIZE="2"><BR>The person who deals with the conveyancing.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Stamp duty</FONT><FONT FACE="Verdana" SIZE="2"><BR>A tax you pay on properties which cost over £60,000. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Structural survey</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is the most wide-ranging check of the outside and inside of a property. This is carried out by a professional surveyor, and it should pick up all but the most hidden faults. The structural survey is optional and you must pay the bill, but it provides the greatest protection for the potential buyer in terms of the information it provides. It also gives you cover against negligence by the surveyor.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Sum assured</FONT><FONT FACE="Verdana" SIZE="2"><BR>This is normally the amount paid out on a policy if you die within the term. It is also the guaranteed amount to be paid out at maturity on a low cost or full with profits endowment policy.</FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">SVR Standard variable rate.</FONT><FONT FACE="Verdana" SIZE="2"> <BR>The interest rate the lender charges goes up and down, with your interest payments changing accordingly. </FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="T"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Tie-in period</FONT><FONT FACE="Verdana" SIZE="2"><BR>As a condition of a special mortgage deal (discount or fixed rate, for example), you may have to agree to stay with the lender for a period of months or years after the deal has ended. If you move your mortgage elsewhere during this period, you may have to pay an early redemption charge.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Term</FONT><FONT FACE="Verdana" SIZE="2"><BR>The period of years over which you take the mortgage and when you have to repay it. Most new mortgages are taken on a 25-year term.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Third party buildings insurance</FONT><FONT FACE="Verdana" SIZE="2"><BR>A charge a lender may make if you decide to take buildings insurance from someone other than the lender. A typical charge is around £35. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Title deeds</FONT><FONT FACE="Verdana" SIZE="2"><BR>Documents to show proof of who owns the freehold and leasehold property. </FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Transfer deed</FONT><BR><FONT FACE="Verdana" SIZE="2">A document that, once you sign it, actually transfers the ownership of the property to you. </FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="U"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Unit trust</FONT><FONT FACE="Verdana" SIZE="2"><BR>A popular type of stock market-linked investment that you may use to repay an interest-only mortgage. Your monthly premiums buy units in a fund of stocks and shares that is run by a professional manager. The value of units can go down as well as up, and a unit trust doesn't include life assurance.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Unit-linked endowment</FONT><FONT FACE="Verdana" SIZE="2"><BR>Your monthly premiums are used to buy units in a fund or funds run by professional managers. Like unit trusts, the price of these units can go up and down, so the value of the endowment can change.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Unitised with-profits endowment</FONT><BR><FONT FACE="Verdana" SIZE="2">A recent development allowing investors to buy units in an insurance company's with profit fund. Unlike the unit-linked endowment, the value of the units cannot fall, on either death or maturity, once an increase has been made. </FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="V"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Valuation</FONT><FONT FACE="Verdana" SIZE="2"><BR>A simple check of the property in order to find out how much it is worth and whether it is suitable to lend a mortgage on. This is carried out by a professional surveyor for the lender. You usually pay the bill and will usually get a copy of the report.</FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Variable rate</FONT><FONT FACE="Verdana" SIZE="2"><BR>The interest rate the lender charges goes up and down, with your interest payments changing accordingly. </FONT></P> <P><FONT FACE="Verdana" SIZE="2"></FONT></P> <P> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">Vendor</FONT><BR><FONT FACE="Verdana" SIZE="2">The person selling the property. </FONT></P> <P><A HREF="#top"><STRONG><FONT FACE="Verdana" SIZE="2">Back to top</FONT></STRONG> </A><STRONG><FONT FACE="Verdana" SIZE="2"><BR><BR></FONT></STRONG><A NAME="W"></A> </P> <P><FONT COLOR="#0039FF" FACE="Verdana" SIZE="2">With-profits endowment</FONT><FONT FACE="Verdana" SIZE="2"><BR>Your monthly premiums are invested by the life assurance company in their with profits fund. The policy will have a basic sum assured to which bonuses are added , to build up a cash sum. This should be enough at the end of the term to repay the mortgage, assuming that the investment has performed at a rate equal to that assumed when the policy started. </FONT></P> <P><FONT FACE="Arial" SIZE="-1">If you can suggest any other mortgage and property-related terms that don't already appear in this glossary, please feel free to <A HREF="mailto:michelle@grosvenor-butterworth.co.uk">e-mail</A> them to us.</FONT></P> <P ALIGN="CENTER"><B><FONT FACE="Arial"><A HREF="#A" STYLE="text-decoration: underline; color: #000080">A</A> | <A HREF="#B" STYLE="text-decoration: underline; color: #000080">B</A> | <A HREF="#C" STYLE="text-decoration: underline; color: #000080">C</A> | <A HREF="#D" STYLE="text-decoration: underline; color: #000080">D</A> | <A HREF="#E" STYLE="text-decoration: underline; color: #000080">E</A> | <A HREF="#F" STYLE="text-decoration: underline; color: #000080">F</A> | <A HREF="#G" STYLE="text-decoration: underline; color: #000080">G</A> | <A HREF="#H" STYLE="text-decoration: underline; color: #000080">H</A> | <A HREF="#I" STYLE="text-decoration: underline; color: #000080">I</A> | <FONT COLOR="#000080"><U>J</U></FONT> | <FONT COLOR="#000080"><U>K</U></FONT> | <A HREF="#L" STYLE="text-decoration: underline; color: #000080">L</A> | <A HREF="#M" STYLE="text-decoration: underline; color: #000080">M</A><BR> <A HREF="#N" STYLE="text-decoration: underline; color: #000080">N</A> | <A HREF="#O" STYLE="text-decoration: underline; color: #000080">O</A> | <A HREF="#P" STYLE="text-decoration: underline; color: #000080">P</A> | <FONT COLOR="#000080"><U>Q</U></FONT> | <A HREF="#R" STYLE="text-decoration: underline; color: #000080">R</A> | <A HREF="#S" STYLE="text-decoration: underline; color: #000080">S</A> | <A HREF="#T" STYLE="text-decoration: underline; color: #000080">T</A> | <A HREF="#U" STYLE="text-decoration: underline; color: #000080">U</A> | <A HREF="#V" STYLE="text-decoration: underline; color: #000080">V</A> | <A HREF="#W" STYLE="text-decoration: underline; color: #000080">W</A> | <FONT COLOR="#000080"><U>X</U></FONT> | <FONT COLOR="#000080"><U>Y</U></FONT> | <FONT COLOR="#000080"><U>Z</U></FONT></FONT></B></P> <P ALIGN="CENTER"><B><FONT FACE="Arial" SIZE="-1">To find out about <A HREF="tax_rates_vat_and.html#tax_on_houses">Tax Rates for Housing</A>, or to find out about <BR><A HREF="frameset-accountancy_management.html" TARGET="_top">Accountancy</A> and <A HREF="frameset-strategic_finance_consultancy.html" TARGET="_top">Strategic Finance Consultancy</A>, Click<A HREF="site_map.html"> here</A>.</FONT></B></P> <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER"> <TR> <TD VALIGN="MIDDLE" ALIGN="CENTER"> <P><B><FONT FACE="Arial" SIZE="-1">| <A HREF="home.html">Home</A> | <A HREF="site_map.html" TARGET="_top">Site Map</A> | <A HREF="menu-help_and_tools.html">Help & Tools</A> | <A HREF="contact_us.html">Contact Us</A> | <A HREF="frameset-login.html" TARGET="_top">Login</A> |<BR>| <A HREF="menu_corporate.html">Corporate Services</A> | <A HREF="individual.html">Individual Services</A> | <A HREF="frameset-menu-special_services2.html" TARGET="_top">Special Services</A> |</FONT></B></P></TD> </TR> <TR> <TD VALIGN="MIDDLE" ALIGN="CENTER"><HR></TD> </TR> <TR> <TD VALIGN="MIDDLE" ALIGN="CENTER"> <P><B><FONT FACE="Arial" SIZE="-2">| <A HREF="employee_benefits_survey.html">Employee Benefits Survey</A> | <A HREF="enquiry_form.html">Enquiry Form</A> | <A HREF="mailing_list.html">Mailing List</A> | <A HREF="feedback_form.html">Feedback Form</A> | <A HREF="mailto:michelle@grosvenor-butterworth.co.uk">Email Us</A> |</FONT></B></P></TD> </TR> </TABLE><BR> <P ALIGN="CENTER"><A HREF="copyright.html"><FONT FACE="Arial" SIZE="-2">© 1997-2000 Grosvenor Butterworth All Rights Reserved<BR> | Legal Disclaimer |</FONT></A></P> <P ALIGN="CENTER"><A HREF="http://www.saqnet.co.uk/scripts/hitcount11a.dll?hide:grosb"><IMG SRC="spacer.gif" WIDTH="200" HEIGHT="50" BORDER="0"></A></P> <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="center" width="80%"> <TR> <TD>  <SCRIPT TYPE="text/javascript" LANGUAGE="javascript"> s="na";c="na";j="na";f=""+escape(document.referrer) </SCRIPT> <SCRIPT TYPE="text/javascript" LANGUAGE="javascript1.2"> s=screen.width;v=navigator.appName if (v != "Netscape") {c=screen.colorDepth} else {c=screen.pixelDepth} j=navigator.javaEnabled() </SCRIPT> <SCRIPT TYPE="text/javascript" LANGUAGE="javascript"> function pr(n) {document.write(n,"\n");} NS2Ch=0 if (navigator.appName == "Netscape" && navigator.appVersion.charAt(0) == "2") {NS2Ch=1} if (NS2Ch == 0) { r="&size="+s+"&colors="+c+"&referer="+f+"&java="+j+"" pr("<A HREF=\"http://www.TheCounter.com\" TARGET=\"_top\"> " BORDER=0 SRC=\"http://c1.thecounter.com/id=814925"+r+"\" align=left><\/A>")} </SCRIPT> <NOSCRIPT><A HREF="http://www.TheCounter.com" TARGET="_top"><IMG SRC="http://c1.thecounter.com/id=814925" ALT="TC" BORDER=0></A> </NOSCRIPT>  </TD> <TD> <div align="left"><IMG SRC="spacer.gif" WIDTH="8" HEIGHT="1" BORDER="0"> </div> <p align="right"><img src="http://www.saqnet.co.uk/scripts/hitcount11a.dll?hide:grosb" border="0" width="1" height="1"><a href="http://www.dynamicwebs.co.uk/" target="_top"><img src="dw_button.gif" alt="Designed by Dynamic Webs..." width="77" height="34" border="0"></a> <p align="RIGHT"> </TD> </TR> </TABLE> </BODY>