Higher Rate of Tax
Currently the highest rate of UK income tax. (Starting rate 10% up to £2,230 / - Basic rate 22% from £2,231 to £34,600 / - Higher rate 40% over £34,600)

Home Buyers Report
A type of survey report which is more detailed than a Mortgage Valuation but not as in depth as a Full Structural Survey. A Home Buyers Report is often carried out by the proposed lenders surveyor and the report can then be used for the lender to replace the Mortgage Valuation in addition to acting as a detailed report for the borrower. A Home Buyers report may not be suitable for certain types of property where a Structural Survey may be more relevant. If in doubt talk to the surveyor you propose to use.

Higher Early Repayment Charge
A Higher Early Repayment Charge will usually be found in conjunction with fixed rate, capped and discounted mortgages. As the lender has given the borrower an attractive mortgage package they will impose an extra charge over and above the normal early repayment charge if the mortgage is paid off within the period of the special terms.

Homebuyer's tax relief
When you buy a home with the aid of a mortgage or other loan you were entitled to tax relief on the interest provided the place is your main home. This tax relief, which was scrapped after 5 April 2000, was normally given through the MIRAS system. This meant the lender charged the borrower interest net of allowable tax relief on the first £30,000 of the mortgage and then claimed the relief back from the Inland Revenue. Tax relief was given at 10% (1999-2000 tax year). Effectively, this meant that if the mortgage rate you were being charged was 7%, you'd actually be paying interest at a rate of 6.3% on the first £30,000. Where a borrower was not in the MIRAS system, relief wac obtained by adjustment to PAYE tax coding or by way of a reduced tax bill for the self employed.