Second Charge Loans (Mortgages)

Second Charge Loans, also known as Second Mortgages because they have secondary priority behind your actual (or first) mortgage. They are secured loans, which means they use the borrower’s property as security. Many people use them as an alternative way to raise money instead of remortgaging.

Section 32 Buy Out Policy (Pensions)

A Section 32 Buy Out Policy enables a transfer of funds from an Occupational Pension Plan into a private fund.

Self Assessment Tax Return (Accounting)

A Self Assessment Tax Return is an annual form that provides your Income and Capital Gains (profits on the sale of certain assets), in addition, you can claim tax allowances or reliefs on your tax return.

Shared Equity (Mortgages)

Shared Equity Mortgages are home loans where the lender receives a share of the equity of the home in exchange for providing a portion of the down payment. When the property is sold at a later date, the lender is entitled to a portion of the proceeds.

Share Protection Insurance (Personal Insurance)

This type of Insurance helps shareholders/partners retain control of the business if a majority shareholder/partner dies or is critically ill.

Shared Ownership (Mortgages)

A Shared Ownership Mortgage is a way of part-owning, part-renting a property that is meant for people who can not afford to buy a home outright. This is done through Housing Associations and there are both privately-operated and government-backed schemes.

With Shared Ownership Mortgages, you can buy a stake between 25% - 75% of the market value of your property with a mortgage. You pay rent on the remaining share of the property, which is owned by the local Housing Association.

SIPP (Pensions)

Self Invested Personal Pension is where you choose the Investments for your Pension (example) commercial property or individual stocks and shares. It is not necessarily a product, more of a Tax wrapper into which you put your investments. Similar to other pensions, there is no Capital Gains Tax on any profits and you can take 25% of the entire Pension Fund as a lump sum upon retirement (Tax free).

Socially Responsible Investing (Investments)

Socially Responsible Investing is any Investment strategy which seeks to consider both social good and financial return.

SSAS (Pensions)

An SSAS is a Company Pension Plan, predominantly for Directors or Executives. They are created by a Deed of Trust, and allows its members more flexibility over the Pension Plans assets.

Stakeholder Pensions (Pensions)

Stakeholder Pensions are flexible, low-cost and transparent ways for people with low incomes to top up their Retirement Fund. Stakeholder Pensions are invested in the stock market. Upon retirement, 25% of the capital can be taken as a Tax Free lump sum, and the remaining 75% can be used to buy an annuity for example, or other options.

State Pensions (Pensions)

The statutory Pension that is provided by the government for a person in retirement.

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