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Advance
The amount of the mortgage loan.
(APR) Annual Percentage Rate
The APR was designed to help you compare different mortgages by including all the likely fees and charges on a mortgage in the interest rate.
Arrangement fee
Lenders sometimes charge this fee to cover the work involved in setting up your mortage or to secure a fixed rate or discounted mortgage deal.
Bank of England base rate
This is the base rate set by the Bank of England and will influence the rates that lenders charge on their mortgage deals and variable rates.
Capped rate
Your interest rate will not go above a certain level during a term fixed by your lender, whatever the fluctuations in the Bank of England base rate.
Cashback
You get a cash lump sum payment once your mortgage has completed.
Completion
Completion is the last stage in the mortgage process when the property is legally transferred to you. For remortgages, this is the day your mortgage transfers from one lender to another.
Conveyancer
A legal expert who handles the contractual side of the arrangement between you and the mortgage lender.
Credit scoring
Your credit score looks at your borrowing history and helps lenders decide if they want to lend to you.
Detailed building survey (full structural)
The most comprehensive type of property survey carried out by a professional surveyor. This report will give you an indication of any structural problems or repairs that may affect the value of your property.
Discounted rate
The lender will discount the Bank of England base rate for a set period of time from the start of your mortgage. Your mortgage payments will go up and down in line with any changes the lender makes to their standard variable rate, but the discount remains for the agreed period.
Early repayment charge
A financial penalty for redeeming the mortgage early, also known as a redemption penalty.
Equity
The difference between the amount you owe on your mortgage and the property value.
Essential repairs
Work that must be done on the property before the lender is prepared to lend.
Financial Ombudsman Service
Who’s Lending? is covered by the Financial Ombudsman Service provision. This provides independent arbitration if you have an unresolved complaint after going through our own complaints procedure. You can contact the Ombudsman at: Financial Ombudsman Service, South Key Plaza, 183 Marsh Wall, London, E14 9SR.
Fixed rate mortgage
Your mortgage payments will be fixed for a set period of time. Any changes to the lenders standard variable rate or the Bank of England’s base rate will not affect your monthly payment. A fixed rate allows you to budget with certainty.
Flexible mortgage
A flexible mortgage usually allows you to make overypayments, underpayments or take payment holidays.
Higher Lending Charge
A one off fee charged by some lenders where the loan is above a specified percentage of the value of the property.
Interest only mortgage
Your mortgage repayments only pay the interest charged on the loan. If you make all the payments expected, at the end of the term you will owe the same amount that you borrowed. You can make arrangements to repay the amount you borrowed by using an investment (for example, Individual Savings Account, or an endowment policy) or personal pension. However you decide to repay the amount borrowed, it will be your responsibility to make sure that it’s regularly reviewed so you know it will pay out enough to clear your mortgage.
Key Facts Illustration (KFI)
The KFI gives you all the information you need to know about a mortgage product. It will detail the monthly payments, interest rates, fees or charges and total amount payable over the term.
Loan to Value
The size of mortgage loan as a percentage of the value of the property or purchase price of the property.
Mortgage Deed
A legal document establishing a mortgage on a property.
Mortgage payment protection
An insurance policy that normally pays your mortgage in the event of accident, sickness or redundancy.
Mortgage term
The length of time over which you agree to repay the mortgage.
Portable mortgage
You can move your mortgage to a different product with the same lender without incurring a redemption penalty.
Remortgage
Swittching your mortgage to a different lender without moving home.
Repayment mortgage (capital and interest)
Your mortgage payments will gradually pay off the amount you borrowed together with the interest charged to the loan. Provided you make all the repayments expected, your mortgage will be paid off at the end of the term.
Standard variable rate
Your repayments go up and down in line with the lenders mortgage rate changes. There are not normally any early repayment charges.
Tracker
The rate you pay will usually follow the Bank of England’s base rate.
Whole of Market
This term refers to the entire range of mortgage deals available in the UK. Some brokers only look through a limited range of mortgage deals, unlike Who’s Lending?