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Loan glossary
loan glossary - home loan terms and phrases
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L.
Landlord.
A person who owns a property and lets it out to tenants who pay rent in exchange for the right
to reside in the home.
Land Registry.
A bureau responsible for recording details about land in England and Wales (Scotland
have a land register which is separate). There are three registers: property, proprietorship
and charges. It lists when land changes hands, the names of the proprietors and what rights
exist over the land.
Laundering (money).
The manipulation of money obtained in a wrongful manner, for example theft, so as to change it's appearance to pretend it
has originated from a lawful source. Many financial institutions take measures to reduce money laundering, one that you may be
aware of is to ask for proof of identification before opening any type of financial account including loan accounts.
Leasehold.
A type of land tenure by which a person has rights over the land for a specific period
of time. The Leasehold Reform, Housing and Urban Development Act 1993 states that leases of over
21 years can either be extended or the freehold can be purchased.
Legal Charge.
The mortgage deed used in England and Wales.
LIBOR (London Inter Bank Offered Rate).
Rate of interest at which banks lend money to each other.
Life Assurance.
An insurance policy which in return for regular payments of a premium, pays out a lump sum in the event of death of the
insured party. There are several different types of life assurance, two examples which are used to cover mortgages or other loans are decreasing life assurance and
level term assurance.
Litigation.
The process of a person or a company taking legal action against another person or company.
Loan.
An advance of money from a lender to a person over a specified term during which the borrower must make regular
repayments to the lender to repay the loans capital and interest.
LTV (Loan To Value).
The calculation used to determine the total amount of borrowing (mortgage and
secured loan) compared to the value of the property. Add together the mortgage balance and
the amount of the new loan and divide the total by the value of the property, the answer is the LTV percentage.
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