The Better-Mortgages uk mortgage terminology glossary (H)

As with any industry, the world of mortgages has it's own language and definitions. Use the definitions in this glossary to look up uk mortgage terminology you are not familiar with.

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Heritable security

The main way of securing rights over property in Scotland is a security over heritable property, called Heritable security, usually by way of a standard security ( mortgage deed ).

Higher lending charge

A charge levied by the lender to ensure it can get its money back should your property be repossessed and be sent to auction. The Higher lending charge is effectively an insurance for the lender which covers any shortfall between the amount gained at auction and the loan amount. Also known as a mortgage indemnity guarantee.

Home Information Pack ( HIP )

This is a new type of property information pack which may or may not be introduced in the summer of 2007. The Home Information Pack (or HIP ) is to provided by the seller of a property, It will contain much of the information that is currently in the types of survey reports currently commissioned by the purchaser of a property. this is supposed to improve the property sales process by making information on a property more transparent before any offer is made.

Home Buyer Report

A report by a surveyor or similarly qualified person on the condition of a property which is being considered for purchase. A Home Buyer Report is less thorough than a full structural survey but provides reasonably detailed information at a slightly higher outlay than a basic valuation.

Home free scheme

An advisory service provided to buyers and sellers of houses by Scottish solicitors in respect of all matters relating to home ownership.

Homeowners Insurance

A range of insurance products designed to offer protection in being able to pay-off  a mortgage, or maintain mortgage payments. Homeowners Insurance products range from the usual buildings and contents, through to paying off mortgage capital or maintaining mortgage payments under a set of circumstances such as death, critical illness, and involuntary redundancy.

House insurance

This type of insurance refers specifically to protecting aspects of the property. House insurance covers the fabric of the building (buildings insurance) and the occupiers contents (contents insurance). Often sold as a package, buildings and contents insurance may work out cheaper by seeking out the best deals for each insurance from separate insurance companies.

Housing associations (or societies)

Non-profit making organisations, often run by volunteers, whose purpose is to provide housing for purchase, rental or both. Housing associations are regulated by the Housing Corporation in England and Wales and Scottish Homes in Scotland.

Housing Corporation

The body set up by the Housing Act 1964 to regulate the activities of housing associations and housing societies is called the Housing Corporation.

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