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Mortgages & Secured Lending

Mortgage and secured lending definitions: rates, fees, deposits, LTV, and approvals.

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A

Agreement in principle (AIP)

A lender’s initial indication of how much it may lend for a mortgage.

B

Booking fee

A fee paid to reserve a mortgage or loan deal.

Broker fee

A fee charged by a broker for arranging a mortgage or loan.

D

Deposit

The upfront amount you pay toward a purchase, reducing how much you need to borrow.

F

Fixed-rate mortgage

A mortgage with a fixed interest rate for a set period.

G

Guarantor mortgage

A mortgage where someone else guarantees repayments if you cannot pay.

J

Joint mortgage

A mortgage taken out by two or more people together.

L

Lender fee

A general fee charged by a lender for setting up credit.

Loan-to-value (LTV)

A percentage showing how much of a property value is borrowed versus paid as a deposit.

M

Mortgage

A long-term loan used to buy property, secured against the home.

Mortgage broker

A professional who helps you find and apply for mortgage deals.

Mortgage exit fee

A fee charged when you close a mortgage or switch lenders.

Mortgage offer

A formal document confirming a lender will provide a mortgage on set terms.

Mortgage porting

Moving your existing mortgage deal to a new property.

Mortgage rate

The interest rate you pay on a mortgage loan.

Mortgage stress test

A check to see if you could afford mortgage payments if rates rise.

Mortgage term

The length of time you have to repay your mortgage.

Mortgage underwriting

The lender’s detailed review of your mortgage application.

Mortgage valuation fee

A fee charged for the lender’s property valuation.

O

Offset mortgage

A mortgage that links your savings to reduce interest costs.

P

Product fee

A fee charged for a specific mortgage or loan deal.

R

Remortgage

Switching your mortgage to a new deal, either with your current lender or a new one.

Repayment mortgage

A mortgage where you repay both interest and the original balance each month.

S

Secured loan

A loan backed by an asset, such as a home or car.

Shared ownership

A scheme where you buy a share of a property and pay rent on the rest.

Shared ownership mortgage

A mortgage used to buy a share of a shared ownership property.

Standard Variable Rate (SVR)

The default variable rate a lender charges after a fixed deal ends.

SVR

Short for Standard Variable Rate, a lender’s default mortgage rate.

T

Tracker mortgage

A mortgage where the rate follows a base rate plus a set margin.

U

Unsecured loan

A loan that is not backed by an asset or collateral.

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