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The amount you borrow from the lender.
The total charge for the loan including fees and interest expressed as a percentage.
Overdue unpaid mortgage payments
The amount of the mortgage loan which remains outstanding
The Bank of England 'repurchase' or 'repo' rate which is main factor influencing interest rates charges by lenders.
Insurance covers for the structure of the building. This is normally taken out on exchange of contracts.
A buy to let mortgage is a loan used to purchase a second property with the intention of letting it out to tenants. Many people want to increase the size of their property portfolio to take advantage of rising house prices and rental rates.
The unencumbered balance of your mortgage loan excluding costs and interest outstanding.
Cashback mortgages offer an initial lump sum that can be used for costs such as legal fees, stamp duty, removals, new furniture or home repairs. Lenders normally offer up to one percent of the loan amount as an incentive.
These are the assets pledged to the bank in order to secure a mortgage.
The final legal transfer of ownership of the property - when the property becomes yours. The start of the mortgage is also known as 'drawdown'.
Insurance cover for the contents of your home - including furniture, appliances and personal items - against damage and theft.
The legal written agreement between the seller and the buyer of a property to transfer ownership.
Solicitor or licensed conveyancer who deals with the legal aspects of buying or selling land or property.
The legal work involved in the sale and purchase of land or property
Interest that is calculated on the balance outstanding at the end of each day.

A mortgage which will allow you to consolidate all your debts (credit cards, personal loans etc.) into the mortgage loan.

A secured loan such as a mortgage usually offers lower interest rates than credit cards and unsecured loans, this is used to save money.

Two deposits may be payable by the buyer:

A reservation charge. The buyer pays this as a sign of commitment when they initially agree to buy the property.

The deposit. A percentage of the price of the property, paid when contracts are exchanged

Discounted mortgages are variable rate loans which offer a reduction in the lender’s standard variable rate for an agreed period of time.
Drawdown is the date when the mortgage starts.
The difference between the value of the property and the amount of any loan secured against it.
A charge payable on certain types of loan if it is repaid or partly repaid before the contracted end date. This will be a contracted percentage depending on how early it is repaid – not all mortgages have these.

An equity release mortgage allows you to access the equity tied up in your property to fund the deposit or purchase of an additional property.

The amount of equity depends on the difference between the value of the property and the amount of any loan secured against it.

Work required on the property before the mortgage loan can be issued in full, the lender might levy a retention on part of the loan until all work is complete.
In England and Wales (not Scotland), the point when both buyer and seller are legally bound to the transaction and at which point the buyer should take out buildings insurance on the property.
A letter requesting payment and sent to a customer who is in arrears before legal proceedings commence.
Outright ownership of the property and the land on which it stands.
An additional loan by the lender to the borrower, which may be for any purpose and secured by the existing mortgage deed.
An annual charge payable by leaseholders to the freeholder of the property.
A person who promises they will pay the borrower's debt, usually if the borrower fails to.
A surveyor's report on a property which is less extensive than a building survey and is paid for by the purchaser.
You repay only the interest on the amount borrowed each month (no capital repayment). The original capital balance will remain outstanding at the end of your mortgage term.
The International Currency Mortgage (ICM) allows you to finance your property and take advantage of borrowing in currencies other than the base currency of where the property is located.
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 legal ownership of a property.
The right to possession, but not ownership, of a property for an agreed period of time. Ultimate ownership remains with the freeholder.
The bank/building society/financial institution who advance the loan.
The person to whom a lease is granted - the tenant.
The person who grants a lease - the landlord.
An insurance policy that pays a lump sum on death. Often taken out as mortgage protection for the family to provide money for the loan to be repaid 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.
Has a specific meaning in law but has come to mean a loan with property as security.
The mortgagee is the bank or building society which lends money in return for the mortgage granted by the borrower, who is the mortgagor.

A payment to a lender for an insurance policy for the lender's benefit when they lend above a certain percentage of the property value.

The policy covers the risk of selling a repossessed property at a loss

The term over which you agree to repay the loan.
When the value of the property has fallen and is less than the loan secured on it.
A 10-year guarantee, provided by the National House Building Council in UK, that the builder will put right serious defects on a newly-built property.
The period of time you would need to remain on certain mortgage terms to avoid an early repayment charge.
The amount of the loan on which interest is calculated.
When a mortgage is repaid or redeemed.
With a repayment mortgage you make monthly repayments for an agreed term until you have repaid both the capital and the interest. This means that your mortgage balance will get smaller every month and, as long as you keep up the repayments, your mortgage will be repaid at the end of the term.
Repaying one mortgage by taking out another secured on the same property, possibly to take advantage of a particular mortgage product or better interest rate from a different lender to save you money.
An investment plan which can provide a lump sum to repay the capital of an interest only mortgage.
The legal documents which provide proof of ownership of a property.

A tracker rate mortgage is one which follows the bank base rate.

Your variable rate is normally set at an agreed percentage above the base rate for a set period. Some tracker mortgages last for the entire mortgage term but most have a specified period before returning to fixed or standard variable rates.

A form which provides details of the transfer of ownership to be entered on the Land Registry register.
An inspection of the property to ascertain its acceptability to the lender as security against the mortgage loan, for which the borrower may have to pay.
The person(s) you are buying your new home from.
Your home is at risk if you do not keep up your mortgage payments