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Advance – The mortgage loan.


APR Annual Percentage Rate. This is the rate of charge on a loan calculated to a set formula. It includes not just the rate of interest, but also associated costs. It was introduced to provide a meaningful comparison of rates charged by different lenders. You may see this expressed as “The overall cost for comparison is % APR”.


Arrangement fee – This is normally charged by the lenders for arranging a mortgage loan.


ASU – Accident, Sickness and Unemployment. This is an insurance policy designed to provide a regular income for a specified period, should the borrower become unemployed or be unable to work due to an accident or sickness resulting in a loss of earnings.


Bank of England base rate – This is the benchmark lending rate regulated by the Bank of England. If this is altered in an attempt to control the overall economy, then the lenders will normally follow its movement and alter their own Standard Variable Rate.


Capital and interest – Monthly repayments to a lender are made up of interest and capital which reduces the mortgage debt over time (also known as a repayment mortgage).


Capped rate – Some lenders will, for a guaranteed period, ensure that your rate does not exceed a fixed upper limit, even if interest rates rise beyond that limit.


MPI – Mortgage Payment Insurance. A plan which is designed to provide you with a monthly benefit to help pay your mortgage if, due to illness, accident or unemployment (if selected), you are unable to work resulting in a loss of earnings.


Negative equity – There the property has a value which is lower than all the loans secured against it.


Non status – A mortgage arranged under Non Status terms where evidence of income is not necessarily a requirement.


Offset mortgages – A relatively new mortgage type where you may be able to link your current, savings or deposit accounts to the mortgage, so that the positive account balances are offset against the mortgage resulting in a reduced interest payment.


PEP – Personal Equity Plan. A tax efficient savings plan which can be used to help repay an “interest-only” mortgage. Tax assumptions are those currently applicable and are subject to statutory change. PEPs are no longer available.


Personal pension – This is a structured savings and investment plan designed to provide you with an income on retirement. As you can take some of the plan as cash it could be used to help repay an interest-only mortgage.


Remortgage – A new mortgage with a different lender even though you are not moving home. It can be of the same size, bigger or smaller.


Repayment mortgage – See Capital and Interest mortgages.


Sealing fee – A fee paid to your “old” lender upon closure of your mortgage account.


Searches – These are checks carried out during the Conveyancing process to determine any planning proposals or other matters which might affect the purchase or future saleability of the property.


Self certification – This is a special arrangement whereby the lender relies on the borrower to certify their own income and is primarily designed for the self-employed.


Standard variable rate – The interest rate applied to the mortgage account when no other overriding scheme such as a fixed rate is in force. It fluctuates and follows the Bank of England base rate.


Structural survey – This is based on a detailed inspection of the property and reports on the general structural condition. It is typically for older or unusual properties. Any issues or concerns from the report can be discussed directly with the surveyor.


Term – The period of years over which you take the mortgage.


Title deeds – Documents that show proof of ownership.


Tracker mortgage – The lender agrees a rate linked to the Bank of England base rate in the form of either a loading or discount for a set period. The Bank of England review the base rate every month, although the reviews do not necessarily result in a change of rate.


Transfer deed – The document that transfers ownership.


Valuation report – Lenders require a standard valuation to be undertaken on the property before issuing the mortgage offer. The lender will compare the valuation figure with the agreed buying price, and use whichever is lower when deciding on how much to lend.


Vendor – The seller.

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