Glossary of mortgage terms - G
Not sure what a MIG is or what fixed-rate and leasehold all means? We can help you through the maze of jargon with our easy-to-use mortgage glossary. Find the words you want using the buttons below.
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Gazumping
Gazumping is the term used to describe a situation in which the seller of an asset (let's say a house) accepts an purchase offer, having already accepted another lower offer from another potential buyer. In other words, the seller changes his allegance to a second buyer who offers more money. A buyer with ready cash will often be in a position to gazump somebody who has to raise capital through a mortgage. This is because under English law, the seller is not legally committed to go ahead with the sale until the point at which contracts are exchanged.
Gazundering
The practice of withdrawing a price already offered and making a lower offer. This is the other side of the coin to gazumping. When the property market is weak, a buyer may try to reduce his or her bid for a home prior to the exchange of contracts (when the transaction becomes legally enforceable).
Geographical Restrictions
These are areas where mortgage lenders wish to lend or operate in. This may simply be because they have no branches in this area or a lower awareness of the area. This is usually applicable to smaller lenders.
Guarantor
If you borrow money and suddenly find you can't pay, the lender may find they have a bad debt on his hands. And so, basically if a lender thinks you might not be able to pay back a loan being applied for, they can ask for a guarantor - a third party who'll pay your debts if you can't (or wont). So a guarantor is a third party who stands liable to cover any shortfall or default on the borrower"s debt.
Why Avocado?
Avocado Mortgages can help power charge your finances, releasing equity tied up in your property.
- To treat our customers fairly and with honesty and integrity in a courteous manner at all times.
- To offer our professional yet personal service to our customers in a speedy manner.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
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