The London Inter-bank Offered Rate is an interest-rate average calculated from estimates submitted by the leading banks in London. Each bank estimates what it would be charged were it to borrow from other banks. The resulting average rate is usually abbreviated to Libor or LIBOR, or more officially to ICE LIBOR. It was formerly known as BBA Libor (for British Bankers' Association Libor or the trademark bba libor) before the responsibility for the administration was transferred to Intercontinental Exchange. It is the primary benchmark, along with the Euribor, for short-term interest rates around the world. Libor will be phased out at the end of 2021, and market participants are being encouraged to transition to other risk-free rates.
Nationwide Building Society is a British mutual financial institution, the seventh largest cooperative financial institution and the largest building society in the world with over 15 million members. Its headquarters are in Swindon, England.
GE Capital is the financial services division of General Electric. Through its two divisions, GE Capital Aviation Services and GE Energy Financial Services.
A bridge loan is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing. It is usually called a bridging loan in the United Kingdom, also known as a "caveat loan," and also known in some applications as a swing loan. In South African usage, the term bridging finance is more common, but is used in a more restricted sense than is common elsewhere.
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers", though "unfair" and "abusive" were not specifically defined. Though there are laws against some of the specific practices commonly identified as predatory, various federal agencies use the phrase as a catch-all term for many specific illegal activities in the loan industry. Predatory lending should not be confused with predatory mortgage servicing which is mortgage practices described by critics as unfair, deceptive, or fraudulent practices during the loan or mortgage servicing process, post loan origination.
Buy-to-let is a British phrase referring to the purchase of a property specifically to let out, that is to rent it out. A buy-to-let mortgage is a mortgage loan specifically designed for this purpose. Buy-to-let properties are usually residential but the term also encompasses student property investments and hotel room investments.
A secured loan is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some or all of the amount originally loaned to the borrower. An example is the foreclosure of a home. From the creditor's perspective, that is a category of debt in which a lender has been granted a portion of the bundle of rights to specified property. If the sale of the collateral does not raise enough money to pay off the debt, the creditor can often obtain a deficiency judgment against the borrower for the remaining amount.
A house price index (HPI) measures the price changes of residential housing as a percentage change from some specific start date. Methodologies commonly used to calculate a HPI are the hedonic regression (HR), simple moving average (SMA) and repeat-sales regression (RSR).
Kent Reliance is a banking services provider and trading name of OneSavings Bank plc, based in Kent, England. It was founded in 1898 as the Chatham & District Reliance Building Society, changing its name to the Kent Reliance Building Society in 1986 following the merger with the Herne Bay Building Society.
A mortgage loan or simply mortgage is a loan used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
Scarborough Building Society was a UK building society, which had its headquarters in Scarborough, North Yorkshire, England. Scarborough Building Society was formed in May 1846 - It was a member of the Building Societies Association.
The Finance and Leasing Association (FLA) is the leading trade association for the UK consumer credit, motor finance and asset finance sectors, and the largest organisation of its type in Europe. Members of FLA include: banks, subsidiaries of banks and building societies, the finance arms of retailers and manufacturing companies as well as independent firms. They also represent 75% of "second charge" lenders and in the wake of the growing credit and mortgage problems, have extended their support of so-called responsible lending.
CRE Finance Council is a trade organization for the commercial real estate finance markets. CRE Finance focuses on six Forums, market constituencies that encompass the commercial mortgage industry. These Forums include Investment-Grade Bondholders, Issuers, Multifamily Lenders, Securities and Loan Investors, Portfolio Lenders and Servicers. CRE Finance Council represents more than 300 member companies.
Cheltenham & Gloucester plc (C&G) was a mortgage and savings provider in the United Kingdom, a subsidiary of Lloyds Banking Group. C&G specialises in mortgages and savings products. Previously, C&G was a building society, the Cheltenham and Gloucester Building Society. Its headquarters were in Barnwood, Gloucester, Gloucestershire, England. C&G was closed to new mortgage and savings business on 9 September 2013.
Aldermore Bank is a retail bank which provides financial services to small and medium-sized businesses. It was founded in 2009 and listed on the London Stock Exchange in March 2015. It was a constituent of the FTSE 250 Index until it was acquired by South African banking conglomerate First Rand in March 2018.
Cambridge & Counties Bank is a bank based and operating in the United Kingdom specialising in property finance, asset finance, classic car finance and savings accounts for small to medium enterprises (SMEs).
Landbay is a UK Financial technology company that operates a peer-to-peer lending platform to allow institutions to fund residential buy-to-let mortgages.
Payments UK was a trade association for financial institutions, technology firms and payment processing companies in the United Kingdom.
Indiabulls Housing Finance Limited is a mortgage lender headquartered in Gurugram, Haryana, India. It is India's second largest housing finance company and is regulated by the National Housing Bank. It is part of Sameer Gehlaut's Indiabulls group and contributes approximately 80% of the groups turnover.
UK Finance is a trade association for the UK banking and financial services sector, formed on 1 July 2017. It represents nearly 300 firms in the UK providing credit, banking, markets and payment-related services. The association lobbies for its members and gives its view on the legislative and regulatory system for banking in the UK.
