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CAPITAL REPAYMENT MORTGAGE (Also known as a capital and interest mortgage). With this type of mortgage you repay part of the capital each month plus interest on the outstanding amount over an agreed number of years and at the end of the term the mortgage will be repaid in full.
CERTIFICATE OF TITLE (Also known as Report on Title). The document prepared by the solicitor for the lender confirming all formalities are satisfactory, prior to completion.
CHARGE Secured lending on the property.
COMPLETION The formal conclusion of the transaction when the mortgage monies are handed over and legal formalities are dealt with.
CONTRACT A legal agreement between purchaser and seller, which binds both to complete the sale and purchase of the property. It is prepared in duplicate and each party signs a copy. When your solicitor exchanges these contracts, the obligation to buy and sell becomes legally binding.
CONSUMER CREDIT ACT Regulates certain secured and unsecured lending up to £25,000.
CONVEYANCE The document that transfers the land ownership usually where the title is changing.
COUNTY COURT JUDGEMENT (CCJ) This is where a county court will make a decision over an outstanding debt, and order that payment must be made, usually in monthly instalments. CCJs will appear on your credit file and will be marked as satisfied once the debt has been repaid.
CREDIT SCORING A technique based on probabilities used to assess the degree of risk exposure arising from a potential lending situation.