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Self Build

This is a mortgage for property under construction. The loan is paid out in stages as the property is completed, in order to ensure the LTV does not rise too high at any point.

Self Certification Mortgage (S/C)

This Mortgage type is not currently available.

This is a mortgage where a borrower states their income and signs a confirmation of their ability to repay a loan, without having to provide evidence such as accounts, payslips or bank statements. Consequently, S/C rates are often higher than standard Full Status Mortgages.

Shared Ownership

This is a scheme operated by a Housing Association where the borrower owns part of a property, and pays the mortgage on this; while a Housing Association owns the rest of the property, and the borrower pays the rent on this.

Split Loan

This is a mortgage that is taken partly on a Capital and Interest basis and partly on an Interest Only basis.

Stamp Duty

This is a government tax charged on the sale of properties. The tax is calculated as a percentage based on the value of the property above a threshold set in the Chancellor’s annual budget. The tax rate is divided into bands with the percentage increasing with the value of the property. It is not payable on remortgages.

Standard Variable Rate (SVR)

This is a variable rate determined at each Lender's discretion. Unless linked to Libor or the Bank of England Base Rate, the SVR is the reverting rate at the end of any special offer period, such as a Capped, Discounted or Fixed rate.