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APR<\/strong>C<\/strong> Arrangement fee<\/strong> Base rate<\/strong> Bridging loan<\/strong> Buy-to-let mortgage<\/strong> Capital<\/strong> Capital <\/strong>repayment mortgage<\/strong> Cashback mortgage<\/strong> <\/strong><\/span><\/p>\n Completion<\/strong> Conveyancing<\/strong> Credit score<\/strong> Deposit<\/strong> Early repayment charge<\/strong> Equity<\/strong> Fixed-rate mortgage<\/strong> Flexible mortgage<\/strong> <\/strong><\/span><\/p>\n Interest-only mortgage<\/strong> Lender<\/strong> Loan-to-value (LTV)<\/strong> Mortgage broker<\/strong> Mortgage deed<\/strong> Mortgage payment protection insurance (MPPI)<\/strong> Mortgage term<\/strong> Negative equity<\/strong> <\/strong><\/span><\/p>\n Offset mortgage<\/strong> Overpayment<\/strong> Portability<\/strong> Product fee<\/strong> Remortgage<\/strong> Repayment mortgage<\/strong> Right to Buy<\/strong> Shared ownership<\/strong> [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" TerminologyUnderstanding mortgage terminology is important for anyone who is considering taking out a mortgage to purchase a property. The mortgage process can be complex and confusing, and there are many terms that are specific to the industry. Having a good understanding of these terms can help borrowers make informed decisions about their mortgage and avoid […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-81553","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/smfinancelounge.co.uk\/ru\/wp-json\/wp\/v2\/pages\/81553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/smfinancelounge.co.uk\/ru\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/smfinancelounge.co.uk\/ru\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/smfinancelounge.co.uk\/ru\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/smfinancelounge.co.uk\/ru\/wp-json\/wp\/v2\/comments?post=81553"}],"version-history":[{"count":6,"href":"https:\/\/smfinancelounge.co.uk\/ru\/wp-json\/wp\/v2\/pages\/81553\/revisions"}],"predecessor-version":[{"id":81785,"href":"https:\/\/smfinancelounge.co.uk\/ru\/wp-json\/wp\/v2\/pages\/81553\/revisions\/81785"}],"wp:attachment":[{"href":"https:\/\/smfinancelounge.co.uk\/ru\/wp-json\/wp\/v2\/media?parent=81553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/span>The Annual Percentage Rate is the overall cost of a mortgage, expressed as an annual percentage of the amount borrowed.<\/span><\/p>\n
<\/span>T<\/span>he fee charged by a lender for arranging a mortgage.<\/span><\/p>\n
<\/span>The interest rate set by the Bank of England, which influences the interest rates charged by lenders.<\/span><\/p>\n
<\/span>A short-term loan used to bridge the gap between the purchase of a new property and the sale of an existing one.<\/span><\/p>\n
<\/span>A mortgage used to purchase a property with the intention of renting it out.<\/span><\/p>\n
<\/span>The amount of money borrowed on a mortgage, excluding interest.<\/span><\/p>\n
<\/span>A mortgage where the monthly payments cover both the capital and the interest.<\/span><\/p>\n
<\/span>A mortgage that offers a cash lump sum back to the borrower upon completion of the mortgage.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
The final stage of the mortgage process, where the funds are transferred to the borrower and ownership of the property is transferred.<\/span><\/p>\n
The legal process of transferring ownership of a property from the seller to the buyer.<\/span><\/p>\n
A numerical value assigned to an individual based on their credit history and financial behavior, used to assess their creditworthiness.<\/span><\/p>\n
The amount of money the borrower puts towards the purchase of a property, typically expressed as a percentage of the purchase price.<\/span><\/p>\n
A fee charged by the lender if the borrower pays off <\/span>all or part of <\/span>the mortgage early.<\/span><\/p>\n
The value of the property minus the outstanding mortgage balance.<\/span><\/p>\n
A mortgage where the interest rate is fixed for a set period of time.<\/span><\/p>\n
A mortgage that allows the borrower to overpay, underpay, or take payment holidays.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
<\/span>A mortgage where the monthly payments cover only the interest, with the capital paid back at the end of the mortgage term.<\/span><\/p>\n
<\/span>The financial institution or company that provides the mortgage.<\/span><\/p>\n
<\/span>The ratio of the amount borrowed on a mortgage to the value of the property, expressed as a percentage.<\/span><\/p>\n
<\/span>An intermediary who arranges mortgages between borrowers and lenders.<\/span><\/p>\n
<\/span>The legal document that transfers ownership of the property to the borrower.<\/span><\/p>\n
<\/span>Insurance that covers the borrower’s mortgage payments if they are unable to work due to illness, accident or redundancy.<\/span><\/p>\n
<\/span>The length of time over which the mortgage is repaid.<\/span><\/p>\n
<\/span>When the outstanding mortgage balance exceeds the value of the property.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
A mortgage that allows the borrower to offset their savings against their mortgage balance, reducing the interest paid.<\/span><\/p>\n
Paying more than the required monthly payment towards the mortgage, reducing the overall interest paid.<\/span><\/p>\n
The ability to transfer a mortgage to a new property when moving home.<\/span><\/p>\n
A fee charged by the lender for a particular mortgage product.<\/span><\/p>\n
Switching to a new mortgage with a new lender or the same lender at the end of an existing mortgage term.<\/span><\/p>\n
A mortgage where the monthly payments cover both the capital and the interest.<\/span><\/p>\n
A government scheme that allows council tenants to purchase their council house at a discounted price.<\/span><\/p>\n
A scheme that allows the borrower to purchase a percentage of the property and pay <\/span>rent on the rest.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n