Loan Jargon - a comprehensive reference of loan terminology from i Secured Loans

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Offer of Advance

This document describes the terms and conditions upon which the lender is prepared to make a loan. The applicant has to sign a copy of the offer to indicate their acceptance of the terms.

Office Copies

These are copies of the documents held at Land Registry showing ownership and mortgages on a property.

Official Cash Rate

The current interest rate set by the central bank

Open-Ended Credit

A type of credit that doesn't have an upper limit on the amount that can be borrowed, or the time limit before repayment being due.

Open-Ended Mortgage

A mortgage where prepayment is allowed

Opportunity Cost

The amount of money that lost by selecting on investment rather than another

Outstanding Balance

This is the amount of the loan which required to be repaid at a given time.

Overpayment

The difference between the regular monthly repayment and a higher amount that the borrower decides to pay.

Over-repayments

This is used to describe making payments over and above those specified by the Secured Loan repayment schedule.

A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z, Full List