| Glossary |
| |
Mortgage
- A mortgage is a loan where property, often the borrower's home, has been used as Security for the loan by the lender taking a legal charge over the property until the loan has been repaid.
In the Purple Loans website, we use the expression mortgage to refer to loans that are usually regulated by the Financial Services Authority and in that way differentiate them from other loans, some of which are regulated by the Consumer Credit Act We refer to these other loans as Secured loans on the website.
The Government has decided that the definition of the loans that the Financial Services Authority regulates, and therefore "a mortgage" on our website, is a loan that is secured on the borrower's UK home, or the home of a close relative, and where there are no other outstanding loans secured on the same property (or they are repaid with money from the new loan). |
|
|
