Mortgage loan itself is called the advance.
The annual percentage rate (apr) represents a measure of the total cost of borrowing, and its aim is to allow a fair comparison, between different lenders, of the overall cost of lending. The apr could be calculated daily, monthly or on an annual basis.
The total charge for the loan including fees and interest expressed as a percentage rate.
Mortgage payments which have not been paid and are overdue.
The Bank of England sets or reviews their interest rate on a monthly basis and this is the main factor influencing interest rates charged by mortgage and other lenders.
Mortgage broker how helps to smooth the path of a re-mortgage or purchase of a property
Covers your actual building not the contents and is required as soon as you exchange contracts or complete on the mortgage
The amount you owe excluding costs and any interest outstanding.
A charge made by the lender to cover their administration costs when a mortgage is fully repaid.
The final legal transfer of ownership of the property or re-mortgage - when the property becomes yours
Insurance that covers your personal belongings
A written agreement between the seller and the buyer of a property
Solicitor who deals with the legal aspects of buying or selling land.
The legal work involved in the sale or purchase of land.
The deposit paid towards the total price of the property, normally payable at exchange of contracts.
The date when the contracts have been completed and the mortgage starts.
The difference between the value of the property and the amount of any mortgage or home loan secured against it.
In England and Wales the point when both buyer and seller are legally bound to the transaction.
Sometimes used to describe an interest only mortgage supported by an endowment policy.
A combined life assurance and investment policy often taken out at the start of a mortgage to run for the same term, which should cover the borrower for any outstanding mortgage if they should die and should provide a lump sum at the end of the policy term to repay all or part of the outstanding mortgage. Not guaranteed.
Outright and full ownership of the property and land.
An annual charge payable by leaseholders to the freeholder of the land - normally due for flats or apartments.
A person who promises they will pay the borrower's debts if the borrower fails to.
An insurance policy for the lender's benefit to protect themselves should they need to sell a repossessed property at a loss.
A surveyor's general report on a property (which is less extensive than a full structural survey).
A mortgage where only interest is charged during the mortgage term. The capital will need to be repaid at the end of the term, usually from the proceeds of an investment plan such as an endowment policy.or sale of property.
Provides details of the property including a plan and, if the property is leasehold, a copy of the lease.
A fee paid to the Land Registry to register ownership of a property.
The right to possession, but not full ownership, of a property for an agreed period of time (normally for about 99 or even 999 years. The ownership will remain with the freeholder.
The tenant that is granted a lease.
The landlord that grants the lease.
An insurance policy that pays a lump sum on death, normally to cover the repayment of a mortgage if the borrower dies during the term.
The size of a mortgage as a percentage of the value of the property (or its purchase price)
Questions to the local authority regarding plans for new road building, planning permission for any building work previously carried out, connection to the mains sewer, etc.
Generally a home loan with property as security.
The lender of the loan.
The borrower of the loan.
The period of time over which the mortgage loan is to be repaid.
When the value of the property has fallen and is less than the mortgage or loan secured on it.
Insurance which pays your monthly mortgage payments, should you lose your income through sickness, injury or unemployment.
The total amount of the loan on which interest is to be calculated.
Repaying one mortgage by taking out another new loan secured on the same property.
A mortgage where the capital borrowed is gradually repaid over the agreed term along with the interest.
A government tax payable on exchange of contracts on properties of a certain value. Starts at £120000 and is then on a sliding scale.
A full inspection of the property by a surveyor on behalf of and normally paid for by the buyer.
This phrase is used before the exchange of contracts allowing either party to withdraw without incurring a penalty.
The person qualified by the Royal Institution of Chartered Surveyors to carry out valuations and surveys of properties.
The period of time you would need to remain on certain mortgage terms to avoid an early repayment charge.
The legal documents that proves of ownership of a property.
The person(s) you are buying your new home from.
”We have been associated with Sinclair Consultancy for several years and have had many clients introduced by them. The quality of the personal service they offer to clients has led to us be instructed by the same clients time after time.
They are one of the best Mortgage Brokers we have come across particularly in arranging mortgages at the most difficult end of the domestic and commercial mortgage market.”
Peter Jobes, Partner, Murray Humphries Solicitors