Gazumping - Guarantor

Gazumping

This is when a prospective purchaser has an offer for a property accepted, before another potential buyer puts in a higher offer for the same property.

Government Insured Mortgage

Loans in which the government promises to make good on the insured portion, should the borrow default on the loan. Generally, government loans do not require large down payments. They do, however, have strict eligibility requirements.

Grace Period

A specified amount of time to make a loan payment after its due date without penalty.

Gross Income

Your total income before tax and expenditures.

Ground Rent

This applies only to leasehold properties and is a sum paid annually to the freeholder by the leaseholder.

Guarantee Mortgage

A loan guaranteed by a third party, such as a government institution.

Guaranteed Death Benefit

Policies where the company will pay out a certain amount when you die.

Guarantor

The guarantor is responsible for payments if you default. If a lender is concerned about your ability to repay your loan, they may require you to find a guarantor for the loan.