Mortgages > Definitions
Definitions and Context for Other Common Terms
Cash - Back
is a similar marketing ploy to discounted mortgages, but with the cash being offered upfront (i.e. when the mortgage is started). These products almost always have redemption penalties attached.
Lending Limits
are normally based on multiples of income(s) and are generally 3.5 x 1st income plus 2nd income; or 2.75 x joint incomes.
Loan to Value Ratio (LTV)
best explained by an example - an £80k mortgage on a property worth £100k gives an 80% LTV. Lenders generally prefer the LTV to be lower with higher risk loans.
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