Higher Lending Charge (HLC): An insurance premium, charged to the borrower, which insures the lender against loss of money if the borrower defaults on the loan repayments. This usually applies only if you more than 75% of the property value is borrowed.
High Street Lenders: Financial providers based in brick and mortar premises on the high street. These are primarily banks and building societies.
Home Equity Loan: A loan secured against the equity of a property. It is based on the principal that the market value of the property is higher than the outstanding mortgage on it. It is a method of releasing capital.
Home Information Packs (HIPs): HIPs are packs that must be provided to potential purchasers of residential properties. A range of documents must be included in the packs, such as an energy performance certificate, registration information and details of standard searches. HIPs can be purchased from estate agents, solicitors or specialist providers, but it is also possible to compile your own HIP. They are now a legal requirement in England and Wales. For more information contact the Association of Home Information Pack Providers. www.hipassociation.co.uk/
Homebuyer’s Valuation Fee: This is the fee paid for a simple survey of a property for prospective purchase.
House or Flat Buyer’s Report: A more thorough survey than the simple valuation carried out on the property by the lender. If the lender does not offer this as an alternative to the basic valuation, the purchaser of a property can negotiate with the surveyor carrying out the valuation for a full survey that includes the structural integrity of the property.
Household Insurance: Insurance cover for a residential property. The two main types are building and contents insurance.
Housing Association: A non-profit body of trustees or company that provides and manages residential property accommodation. An individual needing accommodation puts their name down on the housing association list, in a similar manner to a council house list.
House Price Inflation: The annual increase in house prices.
House Price to Income Ratios: The ratio of house prices to average incomes. In the UK, they have been increasing in recent years. ratio of House price to incomes
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