Stroud & Swindon Building Society

CCC's Mortgage Providers

Stroud & Swindon Building Society

A decision in principle in 10 minutes

FREE valuations up to £600,000

The ability to pay up to 25% off your loan early (without an early repayment charge)

You choose what day of the month to make your payments

A mortgage offer within 14 days or sooner by arrangement

Stroud & Swindon Building Society

Flexible options available

Superportability when you move house next time take your mortgage with you or take advantage of a new offer.

The Stroud & Swindon remains committed to a strong branch network serving our local communities.

For those customers who prefer or are unable to visit our branches we are continuing to develop our Direct Operation offering telephone and internet facilities.

Stroud & Swindon Building Society

Annual Percentage Rate (APR)
The total cost of a loan taking into account all costs, interest charges, arrangement fees and the like, expressed as a rate of charge. Theoretically it allows you to compare like with like when looking at mortgages on offer from different lenders.

Association of British Insurers (ABI)
The main body which represents insurers in the UK.

ATM (Automated Teller Machine)
A cash machine or free standing device dispensing cash and providing other information or services to customers who have a card.

Banker's reference
An opinion about a particular customer's ability to enter into or repay a financial commitment.

Basic banking service
The opening, maintenance and operation of accounts for money transmission by means of cheque and other debit instruments. This would normally be a current account.

Capitalisation Of Interest
Interest your money has earned that is added to your account.

Cards
A general term for any plastic card which may be used to pay for goods and services or to withdraw cash. For the purposes of this Code, it excludes electronic purses.

Commission
A sum of money we earn for selling and administering a policy, calculated as a percentage of the gross premium

Completion
The moment when you become the legal owner of a property.

Conveyancing
The legal work involved in buying and selling properties.

Credit reference agencies
Organisations, licensed under the Consumer Credit Act 1974, which hold information about individuals which is of relevance to lenders. Banks and building societies may refer to these agencies to assist with various decisions, e.g. whether or not to open an account or provide loans or grant credit. Banks and building societies may give information to or seek information from these agencies.

Credit scoring
A system which banks and building societies use to assist in making decisions about granting consumer credit. Credit scoring uses statistical techniques to measure the likelihood that an application for credit will be a good credit risk

Creditor Insurance
Insures your loan or mortgage repayments in case you cannot work due to an accident, illness or unemployment (eg. Mortgage Payment Protection). Also known as Payment Protection Insurance or ASU Insurance.

Discount
A reduction in the gross premium paid for a policy, eg. when you reach 45, your house and home insurance premiums go down.

Electronic purses
Any card or function of a card which contains real value in the form of electronic money which someone has paid for in advance, some of which can be reloaded with further funds and which can be used for a range of purposes.

Escalator Bond
An account that you have to keep for a fixed term which guarantees that the interest rate we pay will go up by a set amount at fixed intervals.

Exchange Of Contracts
The point at which the buyer and seller have legally committed themselves to a deal.

Fixed Interest Rate
An interest rate that's fixed for a length of time: it will not go up or down even if the variable mortgage rate does.

Form R85
An Inland Revenue form which you have to fill in if you want us to pay the interest your money earns gross.

Freehold
If you have a freehold for a property, you own it indefinitely.

Gross Premium
The total amount you have to pay for a policy.

Ground Rent
The annual fee a leaseholder pays a freeholder (usually pretty low). Ground rent generally applies to flats.

Guarantee
An undertaking given by a person called the guarantor promising to pay the debts of another if that other person fails to do so.

Higher Lending Fee
An additional charge which most lenders ask borrowers to pay as a condition of getting mortgages which are more than 75% of the property's value. This covers the lender against the higher risks involved in mortgages of this size. Also known as 'Mortgage Indemnity Guarantee' or 'Excess Advance Fee'.

Instant Access Account
A savings account which allows you to withdraw your money immediately without losing any interest.

ISA
Individual Savings Account, a tax free shelter for your savings with limits on the amount you can invest. See product brochure for full details.

Lease
A contract by which a freeholder of a property allows someone else to stay there under certain conditions, and for a given length of time. (Almost all flats are `leasehold', and some houses.)

Leaseholder
The ownership of a lease.

Lessor
A person who grants a lease.

Mortgagee
An institution that gives someone a mortgage (eg. building society).

Mortgagor
Someone who takes out a mortgage (eg. the borrower).

Notice period
Where notice periods are specified, the notice period starts from the date of posting the notification.

Out of date cheque
A cheque which has not been paid because its date is too old, normally more than six months.

Password
A word or an access code which the customer has selected to permit them access to a telephone or home banking service and which is also used for identification

Personal customer
A private individual who maintains an account (including a joint account with another private individual or an account held as an executor or trustee, but excluding the accounts of sole traders, partnerships, companies, clubs and societies) or who receives other services from a bank or building society.

PIN ( Personal Identification Number)
A number provided on a strictly confidential basis by a bank or building society to a card holder. Use of this number by the customer will allow the card to be used to withdraw cash and access other services from an Automated Teller Machine (ATM).

Section 352 Statement
A certificate we can give to you which shows the amount of interest the money in your savings account has earned and the amount of tax you have paid.

Security
A word used to describe items of value such as title deeds to houses, share certificates, life policies, etc, which represent assets used as support for a loan. Under a secured loan the lender has the right to sell the security if the loan is not repaid.

Selected personal information
A selection of memorable facts and information of a private and personal nature chosen by the customer (the sequence of which is known only to the customer) which can be used for identification and to verify identification when accessing accounts.

Tariff
A list of charges for services provided by a bank or building society.

TESSA
Tax Exempt Special Savings Account a five year savings account, with annual limits on how much you can invest. Tax is not deducted from the interest your money earns.Tax Free Interest Interest you receive which is not liable for tax usually because the account holder is not a taxpayer or because the account is exempt from tax, eg. TESSA.

Title
The legal right to ownership of a property.

Title Deeds
Documents showing who owns a property.

Tiered Interest Rates
The interest rate you receive depends on the balance in your account. When the balance goes beyond a certain level, your entire balance automatically earns interest at the higher rate. Alternatively, if a withdrawal takes your balance below a certain level, your entire balance earns interest at the lower rate.

Trustee Account
A savings account deposited in the name of a trustee who controls it until given to a prenominated beneficiary.

Total Amount Payable
The total cost of repaying a mortgage.

Transfer Deed
Purchase document which transfers ownership from the seller to the buyer.

Unpaid cheque
This is a term for a cheque which, after being paid into the account of a person to whom it is payable, is subsequently returned 'unpaid' ('bounced') by the bank or building society whose customer issued the cheque. This leaves the person to whom the cheque is payable without the money in his/her account.

Variable Interest Rate
An interest rate which can go up and down in line with general interest rates.

Stroud & Swindon Building Society