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Downloads
Select from a range of FREE Downloads.
Mortgage Calculator
A quick way to find out how much a mortgage is likely to cost you.
Best Mortgage Deals
Pick of the best in the market at the moment.
The Terms You Need to Know
<< previous topic terms continued >>
TERM
DESCRIPTION
Advance
The mortgage loan.
Agreement in Principle
Agreement by a mortgage lender to lend a sum of money, subject to certain conditions.
Annual Percentage Rate (APR)
The Annual Percentage Rate is the figure quoted by lenders and reflects the total cost of the loan.
ARLA
The Association of Residential Letting Agents. A self-regulating body for letting agents in the UK.
Arrangement fee
A fee paid to the lenders for arranging the loan.
Assignment of life assurance
The right of a mortgage lender to claim under a life assurance policy to ensure the mortgage is repaid if you die, or at maturity.
Building Insurance
Insurance against damage to the structure of the building caused by specific events such as storm damage to the roof.
Capital
The amount of the loan on which the mortgage lender calculates interest.
Capital Gains Tax
A tax you pay on profits above an allowed level (£8,500) you make from the sale of an asset such as a buy-to-let property.
Completition and settlements dates
The date when the money is paid, the deeds are handed over, the keys are released and you can move into your new home.
Conclusion of missives
In Scotland, this is the same as exchange of contracts.
Contents insurance
Cover can be arranged for the contents normally in the home and can be extended to include possessions away from the premises.
Conveyancing
The legal process involved in transferring a property from one person to another.
Deed
The legal papers that show ownership of the house and provide information about boundaries and rights of way.
Early redemption charges
A fee charged by some lenders if, during an agreed period, you repay the loan or switch to another lender.
Equity
The difference between the current value of the property and mortgage amount.
Exchange of contracts
The point where your contract and the seller's contract are exchanged.
Fire and Furnishings (Safety) Regulations
Levels of fire resistance for domestic furniture, furnishings and upholstery that your property must meet before you can let it out.
Freehold
Ownership of the house and the land on which it stands (see 'Leasehold').
Full structural survey
A thorough investigation and report on the home's structure.
Ground Rent
Yearly charge payable by a leaseholder to a freeholder.
Higher Lending Charge
An arrangement that covers the lender if your home is repossessed and the lender can't get the money back from you. You're charged a ‘higher lending charge’ to cover the cost of this insurance.
Homebuyers Report
Surveyor's report on a property - less extensive than a structural survey.
Inventory
A comprehensive list of all the items in the property before the tenants move in. You should check it when they're leaving to see that everything is accounted for.