- Additional security – further property being offered to support an application or transaction.
- Administration Fee – a fee charged either by a lender or broker to process a mortgage or loan.
- Agreement In principle (AIP) – formal acceptance from a lender for a loan. This is normally subject to a suitable valuation and the customer adhering to all underwriting criteria. This is not legally binding.
- Applicant – an individual applying for a mortgage, loan or credit.
- Application – the process of applying for a loan or credit. This is normally done with a completed and signed application form but this can be initially started by a phone call, email or via the internet.
- Application Fee – a fee charged by the lender or broker in relation to an application.
- Arrangement Fees – all fees associated with and relating to an application.
- Bankruptcy – the process of declaring an individual bankrupt.
- Bank Base Rate – the rate of interest set by the Bank of England (BBR).
- Bridging Loan – short term loan or finance normally secured on a property.Broker – an intermediary or third party.
- Broker Fee – a fee charged by an intermediary or third party, normally paid by the customer on successful completion of a mortgage or loan.
- Building Insurance – any mortgage or loan secured on a property will need adequate building insurance in place to protect the property and Lender.
- Buy To Let – a property other than a customer’s main residence that is let out and derives a rental income.
- Capital Raising – remortgaging a property with the existing or a new lender with the intention of obtaining additional finance, normally for home improvements, consolidation or business purposes.
- Cash Back – money given back to the customer from the broker, but normally the lender upon completion. This is usually confirmed in the mortgage offer letter.Charge – the security the lender relies on when granting finance.
- Commercial Mortgage – a mortgage granted on a commercial property, normally for commercial purposes although a residential property or semi commercial property may also be used.
- Commission – payment received normally from a bank or lender for recognition in introducing an application to them. This is only payable if a mortgage or loan successfully completes.
- Commitment Fee – a fee, normally payable by a customer, to a broker or lender, to allow an application to be processed.
- Completion – the successful conclusion to a mortgage purchase, remortgage or loan. Sometimes called draw down.
- Completion Date – an agreed or set date for draw down of funds.
- Conveyancing – the legal process involved in a mortgage or loan often carried out by a qualified solicitor or conveyancer. It is normal practice for a solicitor to act for the customer and a separate solicitor to act for the bank. Normally the customer would pay for the cost of both.
- County Court Judgment (CCJ) – an amount of debt registered in the county court against an individual or company. The debt does not appear in the credit register if it is paid within 30 days, however if not cleared it can remain on a credit file and have a detrimental impact on a person’s attempt to obtain finance or credit.
- Credit Check – where an enquiry is made on the credit history of an applicant normally by the credit agency’s Equifax or Experian.
- Credit History – the history of a borrowers or applicants credit file.
- Default – a payment or payments missed on its contractual due date.
- Development Finance – money required to build, enhance or develop a piece of land or property.
- Direct Debit – a contractual and agreed method of making payments electronically, normally at a set time each month.
- Early Repayment Charge (ERC) – sometimes called a Redemption Penalty or Fee and is a charge levied to settle a loan earlier than it’s agreed natural end date.
- Employed – an applicant or customer who is on PAYE and can verify income through pay slips or an employer’s reference.
- Financial Adviser – a qualified person who assists individuals with their financial situation.
- First Charge – a legal charge used to secure the main mortgage. This charge ranks highest over any other charges on the property.
- Freehold – land or property that is owned outright by a company or individual.
- Income and Expenditure – confirmation of an applicant’s incomings and outgoing to help support and application.
- Interest Rate – the agreed payment rate to a lender, to borrow funds. This is detailed in the mortgage offer letter.
- Intermediary – a broker or financial advisor who introduces a customer to another broker or lender.
- Introducer – a broker or intermediary who introduces a customer to another broker or lender
- Joint Application – an application made where there is more than one customer.
- Land Registry – a record or property, ownership and the mortgage is registered at HM Land Registry.
- Leasehold – the land or property that is not owned by the property purchaser but is held under a lease for a fixed period.
- Lender – the bank or institution that is loaning the money to an individual or company.
- Lender’s Arrangement Fee – the fee that the lender charges for arranging the loan passed on to the customer.
- Libor – the London Interbank Offer rate is the rate that banks lend to each other and is different from the Bank of England rate. Libor changes every day but for lending purposes is normally set every 3 months whereas the BBR is reviewed by a committee every month.
- Loan – the amount to be borrowed.
- Mortgage – the name given to credit used to buy property or land.
- Mortgage Broker – an intermediary or introducer who specialized in helping customers obtain finance for a mortgage or loan.
- Non Status – a lenders term for various types of specialist lending for example not verifying id a customer is employed or self employed.
- Open market Value – the value or monetary figure given by a professional surveyor on a property or land allowing a reasonable period to sell.
- Purchase – the acquisition of a property or land.
- Redemption – the settlement of a mortgage or loan.
- Redemption Charge – the charge levied by a bank or lender to settle a loan.
- Refinancing – arranging finance with a different lender usually to obtain better rates or terms.
- Remortgage – arranging a loan on a property where the customer already resides either with their existing lender or a new lender.
- Repayment – this is a payment made to cover either the interest or the capital and interest on a loan or mortgage.
- Sanction – a formal written agreement from the bank with confirms terms and conditions to proceed.
- Second Charge – a charge that is a legal charge on a property or land that ranks behind a first charge but ahead of any subsequent charges, possibly to secure a second mortgage or loan.
- Secured Loan – a loan secured on a property normally in an addition to a mortgage that is already in place.
- Security Fee – is the lenders legal’s fees, payable by the customer either at offer stage or completion.
- Self Certification – a customer, self certifying the income or money they earn, through a declaration, or affordability statement. A customer accountant can also make the same statement, without the need to formally provide accounts or proof on income.
- Self Employed – a customer who is not paid through PAYE and cannot provide pay slips or an employer’s reference. Normally most lenders would class an individual with more than a 25% shareholding in a company as self employed.
- Semi Commercial – a property with both commercial and residential use.
- Stamp Duty – a tax paid on the purchase of residential or commercial property and is on a sliding scale depending on the value of the property.
- Survey – an inspection carried out by a surveyor or valuer for the benefit of the lender or bank to make sure that the property is good security for the mortgage or loan.
- Valuation – when a basic survey is carried out by a surveyor to establish the value of a property. A customer can pay for an additional survey, sometimes called a homebuyers report or a full structural survey, if they want independent confirmation that the property is suitable to purchase.
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Jaye & Suresh Sreedharan
We have been in the property investment business for over 20 years and have yet to work with a team, who are as receptive and prompt in assisting us as clients, such as Pure Funding. They work with us to make the best business decisions for our situation and what we are looking to do. They have integrity, honesty and are so easy to work with. We would not hesitate to recommend their services”
“I just thought I’d like to send an email to say how I’m always impressed on how you conduct your business. You seem to take on all the frustrations that borrowing from the banks today seem to entail on behalf of your clients, it’s very gratifying . I’ve been using you for more than ten years now and wouldn’t have any hesitation in recommending Pure Funding Solutions to anyone”
“I approached Pure as we have done business together in the past. The remit was to find a Bank to finance the purchase of a 3500 square foot industrial unit in Kingston, large enough to house my growing bespoke Kitchen design business and workshop. An 80% loan was achieved; amazing considering this was at the height of the credit crunch, but not surprising as I have a strong business and the guys at PFS know how to put a deal together. Excellent work!”
“Pure Funding Solution is more than just a business to me. They have beautifully aligned as a working partner to help grow a number of my businesses over the last 8-10 years. They have an innovative and dynamic team, led by Danny, that have worked tirelessly to create bespoke financial solutions for me. I can honestly say that we wouldn’t be where we are without their expertise, support and guidance. A heartfelt thanks to all the team. I look forward to working with them for many years to come.”
“I have been successfully working with PFS for a number of years, raising money for my BTL investment business. I can rely on their knowledge and experience. They have always been professional and approachable, a pleasure to deal with”
“I have found Pure Funding Solutions to be very helpful and supportive. Daniel Churchill is my first port of call when contacting PFS and he’s always on hand to guide and explain the processing throughout the application of the loan. Nothing is too much trouble for any of the team and I am more than happy to recommend them”
“Having worked with Pure Funding for over 10 years, I always find the team to be professional, enthusiastic, friendly and committed to providing the best possible service. They are always my first choice for the challenging cases”
“As a residential mortgage broker of 23 years I have worked with a number of master brokers for all my clients secured loan, commercial and bridging requirements and more often than not this meant ridiculously high fees for my clients and terrible customer service for us both. That was until in 2014 I was introduced to the team at Pure Funding Solutions and since then I have no need to go anywhere else as their knowledge and professionalism means that my clients get access to all the best market deals along with a customer experience that is second to none. This allows me to concentrate on my residential deals safe in the knowledge that my clients are in safe hands. Highly recommended to all”
“Pure Funding is a great company to work with. All personnel are very knowledgeable and easy to deal with. They seem to be able to operate in a friendly manner whilst still showing the professionalism you would expect. I would recommend to any of my clients should the need arise”
“I have worked with Pure Funding Solutions for a number of years now and their market knowledge, lender relationships and hard work is second to none. All the team are very personable and they are in fact a pleasure to deal with”
“A great company to deal with; I have introduced many commercial mortgages and secured loans to them over the years and their completion ratio is excellent”
“Great working with you guys, you always have our client’s best interests at heart and strive to successfully complete all deals. Excellent service!”
“Prospect Capital are an offshore based lender who are active in the UK lending market. We are very happy to be partnered with PFS for our UK lending business, the quality of business introduced, the speed of turnaround and the professionalism with which the clients are dealt with have proven to dramatically increase the business we have written over the last 24 months. I would state that PFS on almost every occasion go above and beyond compared other brokers we deal with, they are involved from beginning to the end and this does make a considerable difference. I would not hesitate to recommend PFS”
“The team at Pure Funding has always been a pleasure to deal with. Their focus and drive to securing the best terms for their clients shines through in all their interaction with our team. Deals through Pure Funding tend to complete very quickly due to their understanding of our products and processes, coupled with the quality of their staff and internal systems”
“MTF has worked with Pure Funding Solutions for many years and few businesses come with the wealth of experience and knowledge they have. They take the time to fully understand their client’s needs and are committed to achieving the correct possible outcomes for each of their clients.
Their focus on efficiency and professionalism, and consistent delivery of high quality service makes them a pleasure to work with. MTF enjoy a close working relationship with Pure Funding Solutions and we look forward to building on this relationship for many years to come”.
Pure Funding benchmark themselves in achieving exceptional customer service and ensure that they offer the best solution for their clients. Having worked closely with the team for many years we have a relationship built on core values and a customer centric proposition. Pure Funding are a credit to the lending industry.
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