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You can use our glossary
to find the definitions of many terms you will come
across when arranging a secured homeowner loan
Click on a letter A to Z for terms beginning with that letter
U
Unemployment insurance
Another form of
,
but one that does not cover any form of sickness,
injury or disability. The purpose of this type of policy is to replace income lost through a short to
medium term period of redundancy. It provides you with a monthly tax-free income to cover a portion of
your lost earnings. It is often sold in conjunction with the accident, sickness and disability element
of income protection policies, in which case it is known as
.
Unmortgagable
A property for which you are unable to find a lender willing to give to a mortgage due
to the results or a survey, the valuation to price or details of the lease or title deeds.
Unsecured loan
Any loan that is not backed by
.
V
Variable interest rate
A loan rate that moves up and down based on factors including changes in the rate
paid on bank certificates of deposit or Treasury bills.
Verification of deposit
As part of the loan process, a lender will ask a borrower's bank to sign a statement
verifying the borrower's account balances and history.
Verification of employment
As part of the loan process, a lender will ask the borrower's employer for confirmation of
the borrower's position and salary.
W
X
Y
Z
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