YourHomeBills Jargon Buster
YourHomeBills Telecom Jargon Buster
ADSL (Asymmetric Digital Subscriber Line).
ADSL transforms the existing twisted copper pairs between the telephone exchange and the telephone socket into a high-speed digital line, allowing broadband access. ADSL delivers fast download speeds but slow upload speed.
ANALOGUE
An analogue signal is one which varies considerably with time, taking any value with certain limits. The human voice is an analogue signal, varying in both frequency and volume. In an analogue telephone system, the transmitted signal is a replica of the speech waveform.
BANDWIDTH
The volume of data that an internet connection can carry every second. The internet's network is often referred to as pipes, so the bigger the pipe the more information that can be squeezed through simultaneously. Bandwidth is measured in bits per second (bps).
CALL BARRING
A facility enabling a customer to prevent telephone calls to specified numbers being made.
CALL DIVERSION
A network service that allows a customer to have the network redirect incoming calls to another number.
CALLER DISPLAY
A service that allows customers to see the number from which someone is calling them before they answer the telephone.
CALLING CARD
A service that allows calls made from a telephone to be billed to a different telephone or credit card account.
CALLING LINE IDENTIFICATION (CLI)
Provides the called person with the number of the telephone from which an incoming call has been made. A customer with this facility would be able to see the number of the caller before they picked up the receiver.
CALL WAITING
A network service whereby a customer engaged on a call is given an indication that another call is attempting to reach the customer's number.
CLI (Caller Line Identification).
A facility where the incoming call provides the telephone number it is dialling from.
CPS (see also LCR) (Carrier Pre Select or Selection)
Calls are routed via the most favourable carrier without having to dial a routing prefix or follow any other different procedure.
DIAL TONE
The tone that is heard when accessing an outside line.
DIGITAL
Digital technology means that sound is transmitted as bits of data rather than audio waves, and in theory this has many advantages – much clearer transmissions, for instance.
DIRECTORY ENQUIRIES
There are a number of directory enquiry services that can give you the telephone number for a specific name and address. Their numbers are always 6 digits long, and start with 118 - for example, 118 099. Charges to the different 118 services may vary considerably.
DECT
Digital European Cordless Telecommunications.
A Europe-wide standard for digital mobile telephony, covering cordless PBXs, telepoints and home cordless telephony.
EXCHANGE
A building equipped so that telephone lines (exchange lines) terminating there may be interconnected as required. Exchange lines are also known as trunk lines.
FIREWALL
A PC security barrier to prevent unauthorised access to a network or personal computer. All traffic is diverted to a proxy computer, or gatekeeper, for vetting.
FIXED LINE
Any telephone (cordless or wireless) that operates over a standard telephone line, i.e. it is not a mobile. Also referred to as 'landline'.
FREEPHONE
These numbers start 0800, 0500 and 0808 and will not cost you money if you call from a landline (a fixed line phone). If you call from your mobile, call costs vary and you may be charged.
ICSTIS (Independent Committee for the Supervision of Standards of Telephone Information Services).
This is the regulatory body for all premium rate telecommunications services and will investigate any disputes involving premium rate numbers.
IP (Internet Protocol).
A standardised method of transporting information across the Internet in packets of data. It is often linked to Transmission Control Protocol, which assembles the packets once they have been delivered to the intended location.
LANDLINE
Any telephone (cordless or wireless) that operates over a standard telephone line, i.e. it is not a mobile. Also referred to as 'fixed line'.
LOCAL
A landline number beginning with 01 or 02, which is either in the same area code as your own telephone number, or in a surrounding code area.
LOCAL LOOP
The local circuit connection between the customer and the customer’s nearest telephone exchange office.
MODEM
A device used to connect digital consumer equipment to analogue telecommunication networks to enable the transmission of digital data via analogue transmission media.
NATIONAL
A landline number beginning 01 or 02 which is not in the same area code as your own telephone number, and not in a surrounding code area.
NGN (Non Geographic Number)
(See NTS) or Next Generation Network: A network that converges voice and data transmission.
OFCOM (Office of Communications).
The regulator for the communications industries, created by the Communications Act 2003.
OTELO (Office of Telecommunications Ombudsman).
This offers a free and independent service to resolve disagreements between customers and their service provider.
PERSONAL NUMBERING
A service based on number translation which enables a customer to be called using a single 'personal' telephone number but to receive those calls at virtually any telephone number in the UK.
PREMIUM RATE SERVICES
Offer some form of information or entertainment that is charged to your phone bill. They can be accessed through landlines, mobiles, fax, interactive TV and on the Internet. Services generally cost between 10p and £1.50 per minute or message (plus any network charges).
ROUTER
A device (or, in some cases, software on a computer) that directs IP packets to the next point toward their destination.
SET-UP FEE
A charge that is applied to every non-Local and non-National call, i.e. numbers not beginning 01 or 02, at the beginning of every call.
TARIFF
The set of charges that apply depending on which price plan you have chosen (i.e. Saga Standard, Hourtime or Anytime).
TPS (Telephone Preference Service)
A service that bars calls to residential numbers that have been registered as “do not disturb”. Used mostly to prevent unwanted sales or marketing calls.
VoIP (Voice over Internet Protocol)
Voice translated into data packets and transmitted across an internet connection or network - just like any other file or email you might send. Upon reaching the other end data is transformed back into its original form and emerges like a regular phone call. (VOIP is critically dependent upon the speed of the packets across the internet and the correct assembly order once they arrive at their destination …for obvious reasons!)
VOICEMAIL
A facility that answers calls and allows the caller to leave a message. It may also enable an internal caller to send interoffice messages to multiple recipients. Most systems allow employees to retrieve their messages from other phones both inside and outside the office.
WLR FEATURES
• Answer 1571
Takes messages for you when you are unavailable or your line is engaged
• Call Barring
Stops certain calls being made from your phone
• Call Diversion
Allows you to divert calls to almost any phone - anywhere in the UK, most overseas destinations or a mobile phone!
• Call Minder
Like Answer 1571, with the additional advantage of remote access and the option of having personalised messages
• Call Sign
Allows you to distinguish between incoming calls on the same line
• Call Waiting
Tells you if someone is trying to call when you’re already on the phone
• Caller Display
Displays the number calling you.
• Choose to refuse
Enables you to bar the telephone number of the last answered incoming call.
• Pulse Metering
Sends 50Hz pulses to customers’ lines to indicate units of charge.
• Three Way Calling
Allows you talk to two people at the same time - even if one of them is abroad!
• Ring Back
Calls to let you know when an engaged number becomes free
• Bar Use of Call Return
Means people cannot press 5 if you are engaged so it calls them back
• Reminder Call
Pre-programme alarm calls through your phone
• Smart Divert
Call divert with remote access
• Anonymous Call Rejection
Rejects calls where the caller withholds their number
• Presentation Number
Allows a number other than the number the caller is calling from to be displayed, i.e. a non-geographic number
• Caller Redirect (CNI)
A recorded announcement on a ceased line advising the caller of the new number to dial
YHB Broadband Jargon Buster
ADSL (Asymmetric Digital Subscriber Line).
ADSL is the most common broadband connection type because it transforms your household phone line into a permanent, always-on high speed connection. ADSL also allows you to use a phone, fax and Internet all at the same time. There are no dial-up fees either
ADSL 2+
A faster type of broadband which still uses your home phone connection. ISPs boast speeds of up to 24Mbps. The actual download speed is slower than this however. Your local telephone exchange needs to be upgraded for ADSL 2+ and this is currently being done in metropolitan areas only.
ALWAYS ON
Also known as a permanent connection. Broadband is an always on service so you don’t have to connect to your ISP every time you want to surf the web.
APPLET
A small piece of code that forms part of a web page, designed to change areas of the page depending on what the user does as they are looking at it.
APPLICATION
Any software program that you use on your computer to perform a task such as writing letters. Applications on your computer are like CDs on your CD player.
ATTACHMENT
A file that you can attach to an Email.
BANDWIDTH
How much stuff you can send through a connection. Usually measured in bits-per-second. A full page of English text is about 16,000 bits. A fast modem can move about 57,000 bits in one second. Full-motion full-screen video would require roughly 10,000,000 bits-per-second, depending on compression.
BANNER
Signboard style advertising positioned in a web page, usually at the top.
BIT RATE
A measure of the speed of data transfer or the quality of a piece of digital music or video. Typically measured in Kbps or Mbps, the larger the number, the faster the transfer or the more superior the quality.
BLOG
Short for 'web log', blogs are regularly updated websites usually set out in reverse chronological order and mantained by a single person covering a particular subject.
BOOKMARKING
Adding a web site address to your on-line address book so you can visit it again without having to type in the web address. Netscape call this feature 'Bookmarking', Microsoft's browser names them 'Favourites'.
BROADBAND
The term broadband essential means high speed Internet. Broadband allows you to download music, videos and large files very quickly therefore improving your online experience.
CABLE
By using the fibre optic cable connection available in many Pay TV enabled homes, users can access fast Internet speeds (up to 20Mbps). The connection is always on so there are no dial-up fees to worry about.
CACHE
The part of the computer memory where downloaded web pages are stored.
CABLE MODEM
A technology, similar to ADSL, offered by some cable TV companies, allowing computer data to be sent at high speeds along the same line that carries the television signals. The cable modem itself is a device that seperates the internet data from the television signals and feeds it to the computer.
CHAT
Live conversations with any number of other people anywhere in the world. You 'talk' by typing and reading messages. Everyone sees your message and you can read everyone else's messages.
CHURN / CHURNING
The process of changing over to a new ISP (usually within 1 or 2 hours) without cancelling your old plan – your old ISP has to allow churning however. You can often save money on the new ISPs application fee; they might even waive it.
DOWNLOADS / DOWNLOADING
A common misconception is that downloading is the act of grabbing a specific file from the Internet. Downloading refers to anything that is viewed or transferred to your computer from the net, so even if you are just browsing a webpage, you are in fact downloading it.
DIRECTORY
A list of hyperlinks to web pages or programs from the Internet to your computer.
DOWNSTREAM
See Downloads / Downloading.
DSL
A high connection internet line, which uses a standard phone line. It works by transmitting on the frequencies that are not used for voice calls on the phone line. A splitter is needed to seperate the DSL signal from the voice signal at the user's end. This is known as a Microfilter. DSL is available in two types, Asymetric, which has different download speeds to upload speeds, and Symetric, where the download and upload speeds are the same.
EMAIL
E-Mails are messages, usually text, but that can contain images and files aswell, that are sent between users on the internet. When you send an e-mail, it is sent to a server, where it will be forwarded on to the recipient's e-mail box. When the recipient next requests their e-mail, it goes from his/her box to their computer where they can read it.
ETHERNET
A very common method of networking computers in a LAN. There is more than one type of Ethernet. By 2001 the standard type was "100-BaseT" which can handle up to about 100,000,000 bits-per-second and can be used with almost any kind of computer.
GIGABYTE / GB
Often a plan will have x amount of Gigabytes, say 12GB for example; this means the amount of data transfer each month. There are 1024 Megabytes in 1 Gigabyte. Be aware that most ISPs include uploads and downloads in this figure.
HTTP
The protocol for moving hypertextfiles across the Internet. Requires a HTTP client program on one end, and an HTTP server program on the other end. HTTP is the most important protocol used in the World Wide Web (WWW).
HYPERLINK
A piece of text, picture or graphic that links a web page with another web page. Also known as Hotspot.
INTERNET
The vast collection of inter-connected networks that are connected using the TCP/IP protocols and that evolved from the ARPANET of the late 60's and early 70's. The Internet connects tens of thousands of independent networks into a vast global internet and is probably the largest Wide Area Network in the world.
IP (Internet Protocol)
Is the method or protocol by which data is sent from one computer to another on the Internet . Each computer (known as a host) on the Internet has at least one IP address that uniquely identifies it from all other computers on the internet.
ISP (Internet Service Provider).
A company that provides broadband or dial-up Internet access to individuals, businesses and governments on a subscription or prepay basis.
Kbps Kilobits per second (not to be confused with kilobytes). A measure of data transfer speed. If the plan says 512kbps, that’s how fast the data will arrive to your PC, theoretically.
LINE FILTER
Also called a Splitter. This device separates voice from data, thus allowing you to use your phone line to make calls and still use the Internet at the same time.
Mbps Megabits per second (not to be confused with megabytes). This is also a measure or data transfer speed. An ISP will sometimes say 1.5Mbps, this is how fast the information gets to your PC.
SATELLITE
Lets you connect to the web via a satellite dish installed at your house. This is often the only option for people in rural and remote communities. There are two types: 1 Way – which uses the satellite link for downloads and a dial up connection for uploads. 2 Way uses the satellite link for both downloads and uploads (much better experience).
SEARCH ENGINE
A (usually web-based) system for searching the information available on the Web. Some search engines work by automatically searching the contents of other systems and creating a database of the results. Other search engines contains only material manually approved for inclusion in a database, and some combine the two approaches.
SHAPE / SHAPING
Once your monthly download quota is reached, your ISP will slow or ‘shape’ the speed back to just quicker than dial-up. It’s a bit of a trade off so you can still browse the web and not incur extra download fees.
SPAM
Junk e-mail on the Internet, usually advertising. Can also refer to any comment made in internet chat rooms or forums that contains no relevance.
SPEED
The actual download speed depends on a number of factors*. But it’s important to understand what numbers mean. If the advertised speed is 256/64, that means the download speed is 256 kilobits per second, and the upload speed is 64kbps.
The download speeds advertised by broadband providers are not the actual ‘real-world’ speeds you experience. Many factors influence download speed such as: the age of the phone line (if ADSL), the plan you’re on (different plans have different speeds), distance from your exchange, electrical interference, the network capacity, and poor quality line filters.
STREAMING
Watching or listening to music or video over the Internet while not saving the file to your computer. Sometimes ‘live streaming’ (in real-time) is used to deliver news bulletins.
UPSTREAM
This is any data that is sent from your PC out over the Internet. Writing emails, web page requests, file sharing all send data back upstream. This contributes to your data usage.
VIRUS
A harmful program which interrupts the normal functioning of your software or hardware, usually without the user being aware of it's presence.
VoIP (Voice over Internet Protocol).
This simply means you can use your broadband Internet connection to make untimed local and national phone calls. You can also make very cheap overseas calls too.
WIRELESS BROADBAND
A type of broadband service which doesn’t use any physical connection. You need to be close enough to a base station to be able to use wireless Internet. Most metropolitan areas now have wireless coverage.
WIRELESS INTERNET HOTSPOT
These are areas where you can take your laptop computer and start using the wireless Internet. Airports, cafes, motels and McDonald’s restaurants are all examples of wireless hotspots.
WPA Wi-Fi
Protected Access. A powerful security technology for your wireless network protection. If you share a wireless Internet or broadband connection, it’s important to secure your network using WPA otherwise someone might hack in and use your Internet service or worse, they might steal your information.
YHB Car Insurance Jargon Buster
ABI (Association of British Insurers)
http://www.abi.org.uk/
AGGREGATOR
This is normally an online service that allows you to search through information gathered from multiple sources. Price comparison sites such as Wisebuy.com are normally referred to as an aggregator as they allow a deals to be compared and for specified products to be searched for.
ALARM
To reduce your premium certain insurers may require that your car is fitted with an alarm as well as production of a certificate to proof that an alarm is fitted and working!
BONUS
Please see no claims bonus
BROKER
A broker will generally charge a fee for searching and locating of the best financial product on behalf of a customer.
CERTIFICATE OF INSURANCE
When an insurance policy is taken out the company will provide the customer with a certificate of insurance. This is the documentary evidence of insurance and needs to be kept in a safe place as could be required at any time.
CLAIM
If you are involved in an accident or the car is damaged or stolen a ‘claim will be made which is a formal request to the insurance provider for reimbursement in accordance with a policies terms and conditions.
COMPREHENSIVE INSURANCE
Please see the Types of Cover.
COVER
The amount of protection insurance offers
COMPULSORY EXCESS
Sometimes an insurance company will impose a compulsory excess to a policy; which is the amount that you the insured will have to pay if a claim is made. Premiums generally are lower if a higher excess is agreed with an insurance policy.
CONVICTION CODES
Are shown on your driving licence and refer to past driving conviction codes. Find a list of conviction codes at the following link: http://www.direct.gov.uk/en/Motoring/DriverLicensing/
COVER NOTE
Until a formal policy and certificate is issued a cover note will allow the legal driving of a vehicle
DUTY OF DISCLOSURE
An insurance policy can be voided if you fail to disclose any facts that would affect how a policy is calculated. For instance if you have made a claim in the last 5 years you will need to advise or if you have. If a company fails to ask you are still expected under ‘duty of disclosure’ to advise them of any factors that will affect how they calculate their premium.
DRIVING OTHER CARS (DOC)
Intended for emergency use only driving other cars will allow basic insurance cover for you to drive another person’s car. The other person must have insurance of their own and have agreed to let you drive their car for it to be valid. If you are a regular driver of the other vehicle it would be advisable to be insured as a named driver on the other person’s policy.
DVLA (Driver and Vehicle Licensing Authority)
www.dvla.gov.uk
ENDORSEMENT
If anything needs to be amended on your policy, or you have a change of circumstances an endorsement is added to your existing policy.
EXCESS
If your vehicle is stolen, damaged or you’re in an accident the chances are that an amount will be held back from the total amount of claim made. This amount is agreed when a policy is taken out and can affect your annual premium – lower premium for a higher excess is the general rule of thumb.
EXCLUSIONS
Always an important factor to check is the things not covered by a policy – usually termed exclusions and will be listed in the small print of any policy and insurance schedule. The exclusions will determine what is paid out in the event of a claim.
FSA (Financial Services Authority)
http://www.fsa.gov.uk
GREEN CARD OR FOREIGN USE EXTENSION
This is a foreign use extension of insurance allowing cover for British drivers abroad and usually covers for third party only insurance. A certificate will be issued for drivers to keep with them at all times whilst driving abroad.
HIGHWAYS AGENCY
Maintains British roads - http://www.highways.gov.uk
ICE (In Car Entertainment)
Items such as a satellite navigation system radio or stereo can influence the insurance premium and under duty of disclosure must be mentioned if anything other than factory standard is fitted in the vehicle.
IMMOBILISER
Without a designated owner’s key a vehicle’s engine will not start if fitted with an immobiliser. This is a key device in reduction of car theft in the UK and most new cars will have one fitted.
IMPORTED VEHICLE
UK or non-UK specification
This applies to an imported vehicle that has been brought into the UK from abroad (usually European Union countries). In order for insurers to cover you to drive them they need to match certain standard UK specifications.
Vehicles brought into the UK from abroad that do not match current UK specifications are classified as ‘Non-UK specification’ and can lead to some insurers not offering cover and higher premiums as a rule. insurance is also more difficult for these vehicles as the sourcing of spare parts can be difficult.
INDEMNITY
Indemnity in insurance terms means that any claim should only pay out an amount to cover the actual cash value of a loss and a person will therefore be in roughly the same financial circumstances that were present prior to a loss. So a person will only receive a payment to compensate for damages done
INSURABLE INTEREST
In this instance the best example to highlight this clause is that insurance will only be provided to the owner of the item – in other words the a policyholder will owns the vehicle
INSURANCE INTERMEDIARY
Is a third party who may negotiate on your behalf to get a contract of insurance.
INTERNATIONAL DRIVERS PERMIT
(IDP) An IDP is required by drivers wishing to travel in certain foreign countries in addition to a full UK Driving Licence. It allows the person to drive abroad without any further forms as it is internationally recognised. It cannot be issued retrospectively or issued more than 3 months in advance.
KIT CARS
A kit car is a vehicle built by you from scratch, often from a ‘kit’ and is sometimes known as replica cars.
KNOCK FOR KNOCK
In certain accidents – multiple vehicle ones for instance the insurers involved may decide to settle with a knock for knock agreement which is where each insurer pays the damages (minus any excess) of their own insured customer without any regard for whom was to blame for the accident. This agreement avoids any legal action and could resolve the claims easily and quickly.
LEGAL EXPENSES COVER
In the event of a claim legal expenses are covered (up to a certain level) and this could be to recover damages or theft of your vehicle as well as personal injury claims.
PROVISIONAL DRIVING LICENCE
To apply for a provisional licence in the UK you must be at least 17 years old and without a provisional licence you are not allowed to drive in Britain. Other restrictions include:
- insurance cover
- L-Plates displayed so that they are easily seen by other drivers
- Supervised at all times by a qualified driver over 21 years of age who has been driving for at least 3 years
FULL DRIVING LICENCE
This is a licence that proves that a person has passed their driving test
INTERNATIONAL DRIVING LICENCE
see International Drivers Permit
MAIN DRIVER
This is the person who is likely to use the insured vehicle the most and is a named driver on the insurance policy
MATERIAL FACT
A material fact is an important fact that if known to all parties could lead to an insurance policy being declared void.
MODIFICATIONS
A modification is a change or amend to your policy or could refer to any changes to your vehicle – e.g. alloy wheels or a new stereo – in fact anything different from the standard fit of your vehicle.
CAR INSURANCE
To ensure compliance with the Road traffic act all cars must be insured to be legally allowed on the road. A car insurance policy provides protect to you, your vehicle and property as well as other people on the road (drivers or pedestrians).
MOTOR INSURANCE DATABASE
This records all privately insured cars in Britain.
MIB (Motor Insurer’s Bureau)
http://www.mib.org.uk
NO CLAIMS DISCOUNT
Insurers reward drivers for not claiming on an insurance policy by offering a no claims discount or bonus. This no claims discount can increase yearly and could lead to a discount of up to 75% of an annual premium.
NO CLAIMS PROTECTION
Refer to Protected No Claims Bonus
OWNER
This is the registered keeper or person identified as the owner of the vehicle.
PASS PLUS http://www.passplus.org.uk
This is an extra driving qualification that if passed can lead to reduced insurance premiums for younger or new drivers.
POINTS
If convicted of a driving offence, points can be added to a person’s license. Within 2 years of passing your driving test your licence will automatically be revoked if 6 or more points are accrued. After that point if 12 or more penalty points are built up a magistrate may decide to disqualify you for at least 6 months.
POLICY
This is a written contract of insurance.
PREMIUM
This is the amount or price of your insurance for one year.
PROPOSER
The person or Individual applying for insurance.
PROTECTED NO CLAIMS BONUS
By making a payment you are able to protect the discount provided by insurance companies to drivers who haven’t had to make a claim. This is not normally available to those with less than 4 years no claims bonus. Even if you make a claim in the future you will still receive the same discounts though any premium may well be higher as you will be classed as a higher risk due to making a claim.
Q PLATE
This refers to vehicles that were either built from kit form or for one originally registered abroad. It can be used on vehicles that were previously written off also.
REGISTERED KEEPER
This is the person who is normally accountable for the day-to-day running of a vehicle.
RENEWAL
This is the yearly activity of signing up for another year of insurance. You can normally use this time to find the best quote by shopping around. You do not need to renew with the same insurance provider each year and are free to shop around.
RISK
This is the likelihood of a person making a claim. Risk is based on various factors such as whether the car is kept overnight in a garage or on the street. A higher premium is charged for what is deemed a larger chance of having to pay out on a claim.
ROAD TRAFFIC ACT
In the interest of road safety the original act was passed in 1967. Despite a few amendments the majority remains unchanged since 1967. The cost of hospital treatment for road traffic accidents is now recouped via the centralised system was introduced in 1999. The department of health have further information on this and their website is found at: http://www.dh.gov.uk
SATELLITE NAVIGATION
This is a driving aid that helps a vehicle to reach a required destination with information transmitted by satellite.
SCHEDULE
This is the contents / terms and conditions of your insurance policy and must be checked to insure that you are adequately covered. Always inform your insurance company immediately of any errors to ensure that your policy isn’t made null and void by incorrect information.
SECURITY
Please see Alarm, Immobiliser or Tracker
SUM INSURED
In the event of a claim the sum insured is the maximum amount your insurer will pay out.
THIRD PARTY
A third party insurance policy is when you are covered for someone else’s claim if an accident is your fault. It is a person who claims against another insured person. The other two parties are the insurance company and the insured person.
TRACKER
A tracker allows the police to pin point a vehicle’s location and recover it if it is stolen.
BUSINESS USE
If you use your vehicle to travel to meetings and/or transport goods you will need to ensure your policy covers you for business use
COMMERCIAL TRAVELLING
If you charge others to use your vehicle you will need to have a commercial travelling clause in your insurance
COMMUTING – travel from your home to your place of work and back
SOCIAL, DOMESTIC and PLEASURE
Use of your vehicle for circumstances outside of business use and commuting
UNDERWRITER
An insurance company that issues the policy are referred to as an underwriter. In broad terms an underwriter is a person or people who calculate risk.
UNINSURED LOSS
After an accident or claim an uninsured loss is any amount that is not covered. E.g. hire car charges while your vehicle is off the road, etc.
VOLUNTARY EXCESS
You may choose to have a voluntary excess applied to an insurance policy; which is the amount you are willing to pay in the event of a claim. This voluntary excess can lead insurers to offer a reduced yearly premium.
WRITE OFF
If the cost of repairing a vehicle (including salvage) is larger than it’s worth it will be written off.
YEARLY PREMIUM
Is the amount charged for a one year insurance premium.
YHB DIGITAL TV Jargon Buster
AERIAL DISTRIBUTION AMPLIFIER
This allows you to divert your TV aerial signal to several rooms. You connect the aerial lead to the input socket and then run extension leads from the output. Because the signal is amplified it can be split without becoming weaker. Do buy a good quality distribution amplifier – for around £25 – so it won’t distort or amplify the signal too much. If you want to split it just two ways, and have a strong signal from your rooftop aerial, you may not need to go to the expense of one of these.
ANALOGUE
The way our television is transmitted and recorded traditionally before it goes digital. It is called analogue because the electrical signal ‘represents’ the picture and sound signals rather than being coded into a series of ‘1’s and ‘0’s .
AUDIO DESCRIPTION
Audio description describes what is happening on screen for those who have difficulty seeing. It is an additional narration that fits between dialogue and describes action sequences, body language, facial expression, costume and scenery. Audio description is broadcast only on selected programmes and currently only a few iDTVs and digital boxes on the market can receive and decode these signals.
BANDWIDTH
We are told TV signals are transmitted at certain frequencies, but in fact they spread a little either side of the frequency. The amount of spread is called the bandwidth. With digital, the greater the bandwidth, the more digital data that can be sent. More data can give the broadcaster a choice - like better picture quality or more channels in their allocated bandwidth. Similarly, they can choose to allocate more or less bandwidth to data service and so speed up or expand the EPG and teletext service.
BROADBAND
A transmission with high bandwidth, so the data is delivered quickly. The term broadband is usually associated with Internet access (eg ADSL or cable) and for this application it usually means faster access.
CRT (Cathode Ray Tube)
A CRT TV is a conventional ‘TV-tube’ television. Bulky and heavy compared to the latest flat panel TVs, but still capable of producing high quality pictures.
DAB (Digital Audio Broadcasting)
The DAB service is radio’s equivalent of digital TV. It gives interference-free reception and has room for extra stations as well as all the usual ones. It is available over most of the country. Personal, portable, tabletop and car radios are available for DAB. Many radio stations are also broadcast alongside the digital TV service, so can be received on digital TV boxes and iDTVs as an alternative, less portable, alternative to DAB.
DSO (Digital Switchover)
By the terrestrial broadcasters - from analogue to digital.
DTT or DTTV (Digital Terrestrial Television)
Transmitted through an aerial. In the UK this includes the Freeview service (which includes the traditional terrestrial channels, BBC1, BBC2, ITV1, Channel 4 and Channel 5 and the new BBC, ITV and Channel 4 services) and additional commercial free and subscription services.
DTR (Digital Television Recorder)
Also called a Personal Video Recorder (PVR) - is a smart digital receiver that records programmes to a hard drive (like a computer saves information) instead of on a video tape. Programmes you want to record can be selected directly from the on-screen TV guide / EPG. See test reports for results on the DTRs we have assessed.
DTV (Digital television).
DVB (DVB-C, DVB-S, DVB-T)
Digital Video Broadcasting - a European standard for digital television technology: DVB-C for cable, DVB-S for satellite and DVB-T for terrestrial.
DVD (Digital Versatile Disc)
Though they may all look the same, DVD discs come in many forms (hence the word versatile). The most popular (usually simply referred to as DVDs) are discs containing pre-recorded films, concerts or music videos. Other formats include DVD +/-R, DVD+/-RW and DVD-RAMs, which can be used at home to record TV programmes or computer files.
EPG (Electronic Programme Guide)
The on-screen TV guide, a listing of TV channels and programmes, available for terrestrial, satellite and cable digital TV. You can use it to switch to the programme you want, or to select a programme to record. The information is sent by the broadcasters with 7 to 8 days worth of programming. Different brands of iDTV or digital box may display this information in different ways.
FREEVIEW
The main UK digital terrestrial television service that is transmitted through an aerial. No subscription is required. Additional subscription services are also available, see Top Up TV and Setanta.
FTA (Free to Air)
A programme or service that you don’t need a subscription to get. FTA digital TV is available from terrestrial and satellite services.
HDTV (High Definition Television)
TV with higher definition pictures. UK HDTV transmissions are available from Virgin (cable) and Sky (satellite). If you subscribe, you will get an HDTV box. TV sets with HDTV screens, capable of showing all the detail in high definition broadcasts, are labelled ‘HD Ready’. Those labelled ‘HD Ready1080p’ are able to get the best from new high definition discs (HD-DVD and BluRay). HDTV offers higher quality, more realistic pictures but is currently limited to a handful of channels.
iDTV (Integrated Digital Television)
A TV with a built-in digital receiver. It can be either a conventional CRT TV (although these are now rare) or one of the new flat panel LCD TVs.
Interactive This covers any system where the user can choose extra services or respond to events. For digital TV it usually refers to extensions to the traditional teletext service. For instance, you can select and watch a particular sporting event from a multi-screen selection, find out more information about a TV programme. For satellite and cable services it can include cast a vote, or take part in a quiz.
IPTV (Internet protocol TV)
A TV service delivered over the internet by phone line or cable. As it is via the internet, it means you can 'tune in' to selected TV or radio stations or programmes from anywhere in the world, but quality may not be as good as dedicated cable or phone line services such as Video on Demand (VOD) .
LCD (Liquid Crystal Display).
These are a particular type of flat panel television that are becoming popular replacements for conventional CRT TVs. Most are suitable for displaying
HDTV. See Plasma.
MODULATOR
An electronic gadget built into some set top boxes and digital TV recorders that allow it to be connected to a TV using an aerial lead instead of the preferred SCART lead. It is useful for very old TVs with no SCART socket, but it means slightly lower picture quality and mono sound. You can also buy external modulators from specialist electronics shops that can be used with any set top box.
MPEG
Motion Picture Experts Group - coordinates standards for the digital image processing used for broadcasting digital TV. They have developed several technical standards including
MPEG2, as used for standard definition digital television and MP3 used for audio recording.
MULTIPLEX
A digital TV multiplex is created by bundling together a group of digital TV stations so that together they fit into one broadcast channel. On analogue TV each TV station occupied one whole channel. With digital TV it is possible to multiplex four or five or more TV or radio stations into one of these channels.
PAY-PER-VIEW
You pay for particular films and sporting events on top of subscriptions to satellite or cable/phone line television.
PC CARD / ADAPTER
You can turn your computer into a digital TV and watch programmes on its screen. For this you need to either install a digital TV PC card (this means getting inside the computer) or, if you have a modern PC with a fast USB-2 socket, you can plug in a digital TV USB adapter. You use the supplied software to tune in and watch TV.
PLASMA
A plasma TV is a particular type of flat panel TV (see also CRT and LCD). They are becoming popular for larger screen TVs (such as 42” or greater). Many are suitable for displaying
HDTV.
PLATFORM
A general term for the way of delivering or receiving digital television. Typical platforms are terrestrial, cable, satellite and TV delivered over a telephone line.
PVR
Personal video recorder - also called a digital TV recorder (DTR) - is a smart digital receiver that records programmes to a hard drive (like a computer saves information) instead of on a video tape. Programmes you want to record can be selected directly from the on-screen TV guide / EPG . See test reports for results on the PVRs we have assessed.
RED BUTTON
One of the four colour coded buttonson your remote control for selecting teletext and other interactive television services. For interactive features, broadcasters often prompt you on screen when to press the red button.
RGB
Red Green Blue. This is a video signal format that provides high quality signals via a Scart lead. Other formats – such as standard analogue broadcast ‘video’, or camcorder S-Video – are slightly lower quality. RGB is generally used by digital TV set top boxes and DVD players.
SCART
The usual way of connecting one TV product to another. It connects the picture and stereo sound in one plug. A fully-wired SCART cable can carry RGB signals. Very old TVs and some portable TVs may not have a SCART socket, so for these you will need a set top box that incorporates a modulator so that you can connect the set top box using an aerial lead.
SETANTA SPORTS
A pay-TV company which provides extra sports channels and programmes on digital terrestrial TV. To receive the service, your digital TV equipment must have a slot or hole to take the Setanta viewing card or module respectively. All iDTVs should have this but not all STBs do.
STB
Set Top Box. The equipment that receives digital television and converts it so it can be received on an existing (analogue) TV or VCR.
SWITCHOVER
The name used when broadcasters switch from analogue to digital by switching off the analogue transmitters. At this time you will have to have a digital TV (iDTV) or digital box to carry on watching TV.
TERRESTRIAL TV
TV transmissions –analogue or digital - that are broadcast over the air directly to your TV aerial.
Top Up TV
A pay-TV company which provides extra channels and programmes on digital terrestrial TV. To receive the basic service, your digital TV equipment must have a slot or hole to take the Top Up TV viewing card or module respectively. All iDTVs should have this but not all STBs do. New subscribers to Top Up TV get their newer service called Top Up TV Anytime. This requires their special digital box that downloads extra programmes overnight. See our test report on the Thomson DT16300-16 PVR that delivers Top Up TV.
VCR (Video Cassette Recorder)
The machine you have probably been recording and playing video tapes on for years. It records the analogue TV signal in fairly low quality. Because a VCR has only an analogue tuner built in, you need to use it with an external STB to record digital TV.
VIDEO SENDER
This is a radio-transmitting device to distribute your TV picture and sound all around your house. It's made up of a transmitter (sender) and receiver. The sender connects to the back of your TV, set top box, VCR or DVD player (usually using a SCART output socket). The receiver connects to your second TV, for example, and picks up the transmitted signal in another room. By buying extra receivers you could pick up the signal in several other rooms. A video sender can also transmit back remote control signals so you can control the sending equipment. The main drawback of this distribution system is that you can view only the same programme on both the sending and receiving TV.
VOD (Video On Demand)
For a fee, films and programmes you want to watch are delivered when you want to watch them. You can choose from a large library of films or programmes. Tiscali Homechoice offers this service together with regular digital TV channels via ADSL. BT Vision also supply a VOD service via ADSL, combined with a Freeview STB. A similar system, sometimes referred to as NVOD (near video on demand) is the Box Office service offered by Sky where you can choose from a small number of films, though you may have to wait up to an hour for your film to start.
Widescreen
The ratio of the width to the height of a widescreen TV picture is 16 to 9, often called 16:9 format. Nearly all major TV channels now make and broadcast their programmes in this widescreen format. Older programmes were in the narrower 4:3 format. If set up correctly, a widescreen TV and set top box should display the picture on your screen in 16:9 or 4:3 as appropriate for the programme. Films often have even wider formats. An older standard 4:3 TV and set top box combination usually means the sides of a widescreen picture are cropped.
Y splitter
This is a simple gadget designed to split your rooftop TV aerial two ways. You plug your aerial cable in one end and then run two extension leads from the output sockets. Because it splits the signal without amplifying it, you will end up with two weaker signals. But this should not be a problem if you have a good strong signal to start with. These splitters won't work for weaker signals, or if you want to split your signal more than two ways. Then try an aerial distribution
amplifier.
YourHomeBills LOANS Jargon Buster
ADVERSE CREDIT
Is a term for people who have a history of defaulting on credit repayments, have county court judgements or have been declared bankrupt.
APR (Annual Percentage Rate)
The total amount of interest and other fees charged on a loan.
ARREARS
When a borrower has fallen behind on loan or mortgage repayments.
BANKRUPTCY
With personal bankruptcy, creditors agree part repayment of all outstanding debts, and when the agreed repayment has been met, the bankrupt has a 'clean slate'. Currently the restrictions last for three years and there are implications that need to be discussed with a qualified insolvency practitioner: care need s to be taken in selecting help since this market is open to exploitation by high upfront fees.
BAD CREDIT
common practices that can damage a credit rating including making late payments, exceeding card limits, declaring bankruptcy and making multiple applications for credit.
BROKER
An individual who sources financial products best suited to an individual's needs.
CASHBACK
An incentive whereby the borrower receives back a sum of money when taking out a loan.
CCJ (County Court Judgement)
a court order against a borrower demanding that they pay back money owed.
CREDIT AGREEMENT
A signed agreement between the lender and borrower, outlining terms and conditions relating to the loan.
CREDIT REFERENCE AGENCY
A company that provides lenders with individuals' credit details and history.
CREDIT SCORE
An applicant's credit status based on searches carried out by credit reference agencies.
DEBT MANAGEMENT
a service and process offered to people who are having problems with debt. Care needs to be taken with companies offering this service because high fees can be charged often exploiting people who need help.
IVAs (Individual Voluntary Arrangements)
This is an option for people who have £20,000 of credit with 4 or more creditors to have an insolvency practitioner negotiate with the creditors to reduce the debts outstanding. Care needs to be taken in selecting companies to do this because often people who need help are exploited by high up front fees.
MORTGAGE
This is a financial product that allows you to buy a property - and gives the lender a first charge on the property (protecting them if you default on payments).
FIXED INTEREST RATES
An interest rate that remains the same throughout the loan term.
OVER REPAYMENTS
When payments are higher or more frequent than stipulated in the credit agreement.
PAYMENT PROTECTION
An insurance plan that will take care of loan repayments on your behalf in the event of illness or redundancy
REMORTGAGE
Is a financial product that allows you to refinance by releasing equity in your property if it has risen in value since it was originally purchased. Remortgaging can be used to find a lower rate of interest (saving you money) or to consolidate all your loans into this single financial commitment which should be a lower rate than the rates of interest of the individual loans - e.g. car loan, credit card loans, store cards and bank loans - it should prove to be a lower interest rate and more manageable repayments
SECURED LOANS / HOMEOWNER LOANS
Where a borrower's property is used as security to guarantee repayment of the loan. This is a second charge on the home, utilising the equity in the property by placing a second charge a- behind the current mortgage.
SELF CERTIFICATION
Where the loans company allows the application to state his income without providing evidence.
TERM
The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due.
UNDER REPAYMENTS
When payments are lower or less frequent than stipulated in the credit agreement, often authorised by the lenders if the borrower is struggling to make repayments but is committed to making some contribution until the situation improves.
UNDERWRITING
The assessment made by a lender to decide whether to approve a loan application.
UNSECURED LOANS
A loan that does not require the borrower to use his or her home as security - BUT be aware: if the borrower defaults on several occasions, the lender is able to enforce some degree of claim on the borrower’s property if they are a home owner.
VARIABLE RATE INTEREST
An interest rate that will fluctuate throughout the loan term, either up or down depending on market forces.
YourHomeBills MOBILE PHONE Jargon Buster
BLUETOOTH
Wireless data communication for compatible devices such as mobile phones, PDA or laptops. It has a range of 10m. Unlike infrared, devices do not require to be lined-up.
COVERAGE
The strength of radio signals.
CROSS NETWORK
(Also known as X-Net or Xnet) Cross Network refers to calling mobile numbers that are not part of the same network as you are.
For example, someone who is on the O2 network can make cross network call to someone who is on the T-Mobile network. Often it can be more expensive to phone mobile numbers that belong to another network provider.
DUAL BAND
Refers to the capability of handsets to operate across two frequency bands. Dual-band technology enables a network operator with spectrum at both 900 MHz and 1800 MHz to support the seamless use of dual-band handsets across both frequencies.
EMS (Enhanced Message Service)
Is an evolution of SMS. An EMS-enabled phone can send and receive messages that include formatted text, pixel pictures, animations, sound effects and ring signals.
FASCIAS
Interchangeable covers for mobile phones.
Gbps
Gigabits per second. (1 Gbps = 1,000,000,000 bits per seconds)
GPRS (General Packet Radio Service).
A mobile with GPRS capacity offers an ‘always on’ connection at faster rates, sending & receiving internet-based content and packet-based data services. It has a maximum of 28.8 Kbps speed.
GSM (Global System for mobile).
Second generation network delivering high quality and secure mobile voice and data service with full roaming capabilities across the world. Data connection rate is up to 9.6 Kbps.
HSCSD (High Speed Circuit Switched Data).
It is an enhancement of circuit-switched data of all current GSM (link) networks. It allows mobile users to access data services at data rates of up to 28.8 Kbps (link) or four times faster than GSM’s standard data rates. At the time of this press, HSCSD only works on Orange network.
HTML (Hypertext Markup Language).
Some mobile phones, especially o2 XDA, offer HTML web browser capacity.
INFRARED
Wireless data transfer via an infrared port. For example, between two mobile phones or via other devices such as PC with IrDa port.
IN-FUSIO
A mobile games service provider. (http://www.in-fusio.com/)
Instant Messaging – Send and receive a message with a friend who is online.
IVR (Interactive Voice Response).
J2ME
A technology to implement java support for various devices such as mobile phone, PDA and digital television.
Java™
This technology allows you to download games, applications, ring tones and logos from web sites.
Kbps
Kilobits per second (1 Kbps = 1,000 bits per second).
Mbps
Megabits per seconds (1 Mbps = 1,000,000 bits per second)
M-COMMERCE
Mobile commerce like e-commerce. M-commerce enables you to buy goods/service via your mobile phone. WAP 1.2.1 and upward versions are m-commerce compatible.
MMS (Multimedia Messaging Service).
With a MMS compatible handset, you can send and receive a combination of text, images, sound and video. It's a more advanced feature than
SMS and EMS.
MP3
Digital music files.
PAYG (PAY-AS-YOU-GO) / Pay As You Talk
If you don’t want to have a minimum term contract of 12 or 18 months with a network provider, you can choose a pay-as-you-go or pre-pay service. Mobile phone usage has to be paid for in advance by adding credit to the mobile phone account.
PAY MONTHLY
A 12 or 18 month contract with a network provider is usually referred to as pay monthly, as it involves paying a monthly line rental. Depending on your tariff, you may have free monthly allowances, such as talk time minutes and text messages.
PDA (Personal Digital Assistant)
Is a handheld device that works like a mini personal computer. Some especially modern PDAs contain some mobile phone features.
PIM (Personal Information Management)
PICTURE MESSAGING
See MMS. Although EMS is picture messaging, MMS offers much more features.
QUADBAND
Allows you to roam almost anywhere globally. It covers 850Mhz, 900MHz, 1800MHz and 1900MHz frequency ranges. Many countries in South America only have 850 MHz GSM service while both 1900MHZ and 850MHz GSM services are supported in the USA.
RING TONES
Some modern mobile phones contain complex ring tones such as polyphonic, where several sounds are heard instead of a single ring. Some phones are capable of downloading new ring tones.
ROAMING
Taking your mobile phone abroad.
SAR (Specific Absorption Rate)
A standard unit for measuring the level of exposure to radio frequency energy from mobile phones, measured in watts per kilograms (W/kg). EC’s recommended upper limit is 2.0 W/kg.
SERVICE PROVIDER
The company who owns your mobile phone’s signature on a contract and bills you for your calls.
SIM (Subscriber Identity Module)
The SIM card is the microchip you need to insert into your mobile before being able to make phone calls.
SMARTPHONE
The term smartphone refers to mobile phones with special computer-enabled features that allow office related features, such as Windows functions, to run on the phone.
SMS (Short Messaging Service)
A text message can be sent, containing up to 160 characters per message. Some handsets have a concentrated SMS facility, enabling you to send more than one message at a time.
TRI-BAND
Different mobile phone networks operate at different frequencies, which means that if you wish to use your mobile phone outside your home country, you generally need a handset that supports multiple frequency bands. A tri-band phone operates on three frequency bands, GSM900, GSM1800 and GSM1900, allowing you to use it in Europe, Africa, Asia, nearly all of North America and Australia. See also dual-band
T9 TEXT
T9 stands for “Text on 9 keys”, one of predictive text input’s algorithms. Visit http://www.t9.com for more information.
UMTS (Universal Mobile Telecommunication Service)
Is also known as ‘third-generation’ (3G). UTMS allows you to transmit text, digitised voice, video and multimedia at data rate of up to 2 Mbps. UMTS service in UK will be launched around Autumn 2003.
VOICE DIAL
Allows you to call someone in your phonebook by saying his or her name. You will need to store a previous recording of yourself saying the name, for it to work.
VOICEMAIL
A mobile phone’s answer phone system.
WAP (Wireless Application Protocol)
is a technology that connects your mobile phone to the internet using cut-down, text-based sites. The latest WAP version is 2, but you can use mobile commerce with WAP 1.2.1 version.
WAP PUSH
WAP push allows SMS messages to be received and sent with direct WAP links embedded. It is ideal for subscribing to information services such as entertainment, news & sport, so you receive the message which contains a link to a WAP page. You could launch the link to browse for more information if you wish.
WML (Wireless Mark-up Language)
Is used to produce WAP content. It makes optimum use of the limited size of the displays on handheld devices.
YourHomeBills MORTGAGE Jargon Buster
ADVANCE
The amount of money being lent under a loan agreement.
ADVERSE CREDIT LOANS
Credit or a loan that has not been paid well by the borrower in accordance with either a loan or credit agreement.
ARREARS
Payments on a loan or credit agreement which have been missed or are overdue by more than 30 days.
BROKER
A company or individual which/who searches a range of lenders for available loan products and matches against the borrower's circumstances. | A broker introduces a borrower to a lender who is able to help with the loan that is required.
COOLING OFF PERIOD
Amount of time given by law to allow a borrower time to consider a loan offer made to them, in which time the borrower is able to cancel their application if they so wish.
CREDIT RATING
A term used to assess a borrower's credit worthiness based on their previous repayment history.
CREDIT SCORING
Used by many banks and high street lenders to associate a number to certain elements of a loan application and credit search which added together give what is known as a "Credit Score". In order for the borrower to be approved by the lender for a loan, they must reach a minimum score set by a particular lender.
CCJ's (County Court Judgements)
A county court judgement is registered against a person or company who owes money to another, if the person owed money has asked the court to recover the debt and it has ordered so.
DEBTS Amount of money owing.
DEFAULT
Where a borrower is in arrears on payments, they have defaulted on their credit or
loan agreement. It is known as an account in 'default' if the lender has issued a 'Notice of Default' to the borrower. This is usually the stage before a CCJ (see above) and often seen as a 'Final Demand' for payment.
DEEDS CASE
Where a property is owned outright and there is no mortgage remaining or any other secured loans owing, which are by way of a security against the property.
EQUITY
The difference between the amount of money secured on a property in the way of a mortgage, and the current value of that property. | i.e. Value of property - Amount of mortgage = EQUITY
FIXED RATE
A rate of interest which is fixed for the entire term of the loan or mortgage for a specific period from the date when the loan is taken out. More common on mortgage products.
HIPS (HOME INFORMATION PACKS)
have been introduced by the Government and forms part of The Housing Act 2004. The purpose of the HIP is to make the buying and selling of houses less traumatic. The seller must now undertake to provide a set of standard information relating to the property, which must freely available to the prospective purchaser and be included in the Estate Agents details.
The HIP must included:
An Index (a list of the Pack’s contents).
A sale statement (summarising terms of the sale).
Evidence of Title.
Standard searches (i.e. local authority, drainage and water).
Commonhold information (where applicable).
Leasehold information (where applicable).
A New Homes Warranty (where applicable).
An Energy Performance Certificate.
A Home Condition Report, other searches, guarantees and warranties may also be included but these are not mandatory.
LOAN ADVANCE
Amount of money being lent under a loan agreement.
LTV (Loan to Value)
Similar to the equity calculation, but also includes the loan advance amount. The mortgage balance is added to the loan advance, then divided by the property value to give the LTV. | i.e. mortgage balance (£75,000)+loan advance ( £20,000 ) = £95,000 | This, divided by a property value of for example £135,000 gives an LTV of 74%. | The closer the margin is between the two values the higher the LTV.
NEGATIVE EQUITY
This is where your mortgage balance is higher than the current value of your property.
NON STATUS
This is a term usually associated with mortgage companies who are not a recognised and well known high street lender, and the mortgage products they offer are classed as non status mortgages or loans.
RTB (Right To Buy)
This is the term used when a council tenant is able to buy the property they live in from the council, or have already done so in the past. The purchaser will have a discount from the council and be able to buy at a value less than its current sale value.
REDEMOPTION PENALTY
Most lenders charge a redemption penalty when a loan or other finance agreement is settled early. The amount of the penalty varies between lenders, and is usually calculated in a number of months interest forward, that you would have paid if you had chosen not to settle the loan.
SECURED LOANS / HOMEOWNER LOANS
A loan secured on property by way of a legal charge until all Monies owing on the loan agreement are paid in full. Secured / Homeowner loans are lower risk for lenders so rates a much lower than unsecured loans.
SELF DECLARATION – SELF CERTIFICATION
This is used when a person or persons cannot provide proof of how much they earn. It is mainly used in instances of people who are self employed, sole traders, or even partnerships or directors of limited companies cannot provide accounts, proof of earning, or it is difficult to assess, or in cases where a person does not have an accountant.
SETTLEMENT FIGURE
This is an amount that is calculated by a lender in accordance with the terms of the consumer credit act which is the amount required for you to pay in order for you to settle your loan in full. All lenders must send you this promptly following you making a request to them.
SHARED OWNERSHIP
A shared ownership property means you own a certain percentage of it, and another person or company owns the remaining percentage which could be more or less than the percentage of the property you own or have a mortgage on. Shared ownership properties are usually owned partly by a housing association, and partly by you.
STAMP DUTY
This is a tax paid by the buyer which only affects properties which are worth more than £125,000. If you buy a property for £125,000 or less you pay no stamp duty. Purchases from £125,001 to £250,000 are liable to stamp duty at 1% on the whole of the purchase price. From £250,001 to £500,000 stamp duty is 3%, and above £500,000 it is 4%.
SUB-PRIME
This term is associated with lenders who offer finance to people who have had credit problems in the past.
SURVEY
A surveyor will produce a report on the structure and condition of the property you are buying. As most houses are purchased with a mortgage, the lender will need a mortgage valuation to ensure the property is worth enough to protect their interest. A mortgage valuation only covers the extent of the lender’s interest in the property and we would recommend that you have an RICS Homebuyer’s Report prepared by a qualified surveyor. The surveyor will then advise if you need a full structural survey on the property
TITLE DEEDS
These record details of legal ownership and any rights or obligations that affect the property. If you are selling a property, time can be saved if we can obtain your title deeds at an early stage. If you have a mortgage then the deeds will be held by your lender. Some lenders charge to send out your deeds but this will normally be added to your mortgage account.
TRANSFER DEED
This is the document that transfers the ownership of the property from the seller to the buyer at completion. It will be sent to the Land Registry after completion so they can update their records.
VARIABLE RATE
With a variable rate of interest, this means the rate can go up or down in relation to the Bank of England base rate. Slight increases or decreases in the Bank of England base rate will not normally effect your loan payments. Lenders use variable rate agreements as a safeguard in case the Bank of England base rate increases by large amount.
YourHomeBills ENERGY Jargon Buster
OFGEM (Office of Gas and Electricity Markets)
This is the independent regulator of the gas and electricity industries in the U.K.
ENERGYWATCH
Is a government funded body which acts on behalf of the consumer. Its role is as an independent watchdog for the gas and electricity industry.
STANDING CHARGE
Some companies have this but now many do not. A fixed daily charge for the supply of energy, irrespective of your level of consumption supposedly in respect of the rent and maintenance of your meter.
KWh (Kilowatt hour)
The standard unit of measurement of energy and hence for both gas and electricity consumption.
MPRN (Gas Meter Point Reference Number)
Your MPRN is the unique identifying number for the gas meter at your property. It relates to the meter not to you. It’s on your gas bill and should be a ten digit number.
DUAL FUEL
An energy package offered by most energy suppliers to provide both gas and electricity. This means that you receive gas and electricity from the same supplier and should benefit from lower administration costs and hence a lower tariff.
MPAN (Electricity Supply Number)
Your MPAN is the unique identifying number for the electricity meter at your property, it relates to the meter and not to you. The MPAN is commonly referred to as a “Supply Number” or “S” number. It should be seen on your electricity bill.
ECONOMY 7 HEATING
lower cost electricity tariff where the night rate is cheaper than the day rate.
GREEN ENERGY TARIFF
A response to consumer demands and based on the purchase or generation of green energy from renewable energy sources such as sun, wind and the tides.
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