Mortgage Dictionary: H

Please view the glossary definitions from our list below. Some terms have a dedicated page with a longer definition. This is available by clicking on the "more about " link.

High Lending Charge This is an insurance policy that your lender takes, to cover themselves' in case you don't pay and they need to reposes you property. High Loan To Value Fee An insurance premium which insures the lender against any loss of money, should you default on your loan or get repossessed. This only usually applies if you borrow more than 75 per cent of the price asked for the property you are buying. You are not covered by the insurance premium, even though you have to pay for it, the lender is. This is also known as indemnity guarantee premium. High Street Lenders Mortgage providers based on the high street. These are mainly banks and building societies. Holiday Home A property that will not be your main address or place of residence. Home Equity Loan A method releasing capitol from people's homes. Home Improvements Work carried out to improve your home. Previously mortgage interest relief was given on loans for home improvements in the same way as for house purchase. Loans taken out before its abolition still receive this relief but this is lost if you move lender. Homebuyer's Report A less stringent report than a full structural survey. Homebuyer's Valuation Fee This is the fee paid for a full thorough, inspection of the property you are thinking of buying. This is frequently referred to as an option valuation fee. House Or Flat Buyer's Report A more thorough survey than the simple valuation carried out on the property by the lender. If your lender does not offer this as an alternative to the basic valuation, you can negotiate with the surveyor carrying out the valuation for the fuller inspection and this may cost you less than a separate inspection. Household Insurance Insurance cover for your home. The two main types are building and contents insurance. Housing Association A body of trustees or company that is established for the purposes of providing, building, improving or managing, or facilitating, or encouraging the construction or improvement of, housing accommodation. It does not trade for profit. Anyone wanting help with housing puts his or her name down on the housing association list which acts in the same manner as council house lists.