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Glossary
Mortgage and Finance Resources
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Mortgage Glossary
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H.
Hire Purchase.
A transaction in which the purchaser of goods pays an initial deposit and takes possession.
Subsequent instalments are made over a specified time after which ownership passes to the purchaser.
Cars or other auto loans are often on HP.
Home Income Plan.
Plans to help elderly owners of a property to utilise its capital value to their advantage
(by providing an income) and still remain in residence. A financial institution provides a loan to a borrower which
is secured against their property. The money is used to purchase an annuity which provides the borrower with
enought income to repay the interest on the loan and to spend as they wish.
Home Owner.
A person who owns the property they live in, as opposed to a tenant who rents and has no ownership rights.
Home Owners Equity Account.
A credit line offered by banks and mortgage lenders which grants the home owner the opportunity of borrowing against
the built up equity in the property. Mortgages like this are often referred to as flexible or open plan or offset.
Home Reversion Scheme.
A plan to help elderly owners of a property to utilise its capital value to their advantage
(by providing an income) and still remain in residence. A financial institution purchases the property at a price well
below market value. The original owners are entitled to live in the property until their death. The money from the purchase
is used by the original owners to buy an annuity that provides them with a regular income. When the original owner dies, the
institution recieves the proceeds of the property including any increase in value.
Household Insurance.
Insurance covering the structure or contents of a house. This type of insurance can now include the option of cover
for additional items such as legal expenses. Also some companies now offer no claims bonuses, similar to motor insurance.
Housing Association.
Non profit making bodies who’s intention is to provide low cost residence for rent or purchase or sometimes a combination of the two.
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