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If you are new to finding a mortgage you maybe unsure of the terminology and initials that are commonly used. Here I have put together a brief and quick summary of the mortgage terms which are used to help you quickly understand and become confident in this subject so you are able to find the best deals. Credit scoring The report which shows your credit file as to whether you have missed payments or kept up and gives history of applications Broker fee The fee payable to a broker who sets up a mortgage for you Booking fee Another name for arrangement fee - the fee that is payable to the lender for the privilege of borrowing money which is normally non refundable Application fee The fee charged by the mortgage company for to cover their charges for any changes/amendments Arrangement fee The fee charged by the mortgage company for the privilege of lending money to you, normally non refundable LTV Loan To Value meaning the percentage of the amount of money lent to you compared to the value of your property Interest Only You are only paying for the interest on this mortgage and not reducing the balance owed at the end of the term Repayment mortgage You are paying for the interest as well as towards the mortgage balance to pay off the mortgage by the end of the term Term The length of the mortgage account for the time you have borrowed the money usually 25 years
ERP Early Redemption Penalty - penalty if you repay your mortgage early before the end of the term Deeds Release fee The fee charged by the lender for releasing deeds and their involvement with your property SVR Standard Variable Rate - the standard interest rate the mortgage company charge usually follows and higher than the Base rate HLC Charge applied by lenders to cover their risk as they lending a higher value in comparison with property value Higher Lending Charge Charge for insurance policy for the lender if lending you a higher amount than they are comfortable with Cashback An amount of money paid back to you from the lender once you have taken your mortgage Deposit The amount of money you have to put towards the purchase Discounted mortgage Mortgage product whereby the interest rate has been discounted-reduced for a period of time Capped mortgage Mortgage product whereby it follows the base rate up and down but can only go up to a certain amount and then no further Fixed mortgage Mortgage product whereby the interest rate is fixed at a certain figure for a period of time and it doesn't matter what the base rate is doing Base rate tracker mortgage Mortgage product whereby the interest rate charged follows the base rate Discounted variable rate mortgage Mortgage product that has a discounted rate to the standard rate but follows the base rate so it can go up and down the same as the base rate Flexible mortgages Mortgages that have some flexibility and benefits such as overpayment or underpayments, portable, payment holidays Tracker mortgages Mortgage product that tracks or follows the base rate
Sub prime mortgages Mortgage products which are usually slightly higher in interest rates that are available to people with poorer credit history BBR Bank Base Rate - or commonly known just as the base rate which is set by the Monetary Public Committee Base rate The rate set by the Monetary Public Committee which lenders follow to set their rates LIBOR The rate of interest which banks borrow money from each other BTL Buy To Let mortgage, special mortgage for investors which allows them to buy the house and rent out LTB Let To Buy mortgage, special mortgage which lets you buy a new home and rent your old home out
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