Mortgage – A loan to finance the purchase of a property

Sub prime mortgage – A loan granted to a person or persons who have had their credit impaired, by way of missed payments, county court judgements or defaults.

County Court Judgement – an order granted by the court for non payment of a debt

Default – similar to a county court judgement

Missed payments – normally recorded on your credit file if payments are not made on time and in accordance with your original credit agreement

Mortgage Deed – A legal document signed and executed to effect the transfer of a property to show the legal right to posses it.