glossary of terms

The total amount charged for the loan including fees and interest expressed as a percentage.

Mortgage payments, which have not been paid on time. (Don’t even go there your credit rating depends on it).

A public sale in which property is sold to the highest bidder.

A loan given by a lender secured against an existing property to allow a purchaser buy a property, and borrow against their own home.

An insurance policy to cover your home in the event of fire. (A letter of indemnity will be required by your lender to confirm this is in place In order to clear their loan before payment of any claim)

The amount you owe excluding costs and interest outstanding.

Security for repayment of debt. The property, which the lender can sell to repay the loan if the borrower does not keep up the mortgage payments.

1. The final legal transfer of ownership of the property - when the property becomes yours. 2. The start of the mortgage (also known as 'drawdown').

Cover for all the items in your home including furniture, fixtures, fittings and personal items.

A written agreement, which will decide ownership of the property between the vendor (seller) and the purchaser (buyer).

What your solicitor does, legal work involved in the sale and purchase of land.

A document, which decides the legal ownership of a property.

Two deposits may be payable: 1.A booking deposit (this is refundable) the amount paid to secure your property (link to gazumpzing). You normally have 21 days after paying this deposit before signing the contract.