Mortgage Dictionary: G

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Financial Services > Mortgages > Glossary

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Please view the glossary definitions from our list below. Some terms have a dedicated page with a longer definition. This is available by clicking on the "more about " link.

 

Gazumping

The sellor's agent takes a higher bid after accepting yours.

General Conditions

A number of standard rules and conditions that apply to a mortgage, and are presented to the borrower in booklet.

General Insurance

Insurance companies identify different types of insurance policy as falling into different branches. For instance the life branch covers the insurance of people and is generally known as life assurance. The insurance of property, is known as personal lines.

Grace Period

Time frame in which loan payments can be made after due date without penalty.

Gross Income

Total income after tax.

Ground Rent

When you are a leaseholder you will probably have to pay ground rent to the person that owns the land you property stands on.

Guaranteed Earned Income

Is income that you receive along with your basic salary that is not part of your normal basic pay under the terms and conditions of your employment but which you are guaranteed to receive.

Guarantor

Is a person who agrees to guarantee that a loan will be paid. The guarantor is therefore fully liable for the repayment of the borrowed amount should the borrower default.

 

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