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Mortgage Jargon

buying Buying a house. It is universally considered one of the most important decisions that you'll make in your life, and in financial terms it is probably the single biggest outlay you will ever make.

That makes it a pretty big event and something that you want to get right. As a relatively complicated product - compared to, say, opening a savings account or a current account, there is a lot of jargon that is associated with a mortgage.

There are various fees, various types of product, various charges and penalties that can be incurred, different periods of time for which you have a mortgage, and that's not to mention the way that the total amount of money you will need to repay is calculated with all the talk of percentages and opaque acronyms that creep in.

If you don't know your fixed rate from your variable rate, your tracker from your offset mortgage, your APR from your annual percentage rate (it's the same thing), then hopefully this mortgage jargon buster will be of interest to you.

It is designed to tell you in simple English what the terms actually mean. You may have seen glossaries and jargon busters on banking websites that tell you APR means Annual Percentage Rate. That's great, but if you don't know what that actually means in simple English it's not very good. Hopefully all the explanations here will be easy to understand.

Additional Borrowing
Annual Percentage Rate
Arrangement Fee
Bank of England Base Rate
Booking Fee
Capital and Interest Repayment
Capped Rate
Completion Fee
Credit Rating
Deposit or Deposit Amount
Discount Rate Mortgage
Early Repayment Charges
Equity
Estimated Property Value
Exchange of Contracts
Exit Fee
Extended Tie in Period
Fee Free
First Time Buyer
Fixed Rate Mortgage
Fixed Until Date
Home Mover
Interest Calculated Daily
Interest Only Mortgage
Interest Rate
Key Facts Illustration
Loan to Value
Lump Sum Payment
Monthly mortgage repayment
Mortgage Term
New Build Property
Offset Mortgage
Outstanding Mortgage Balance
Overpayment
Porting
Rate Period
Remortgage or remortgaging
Service fee
Standard or professional valuation
Switching mortgage
Tie in Period
Title Deed
Tracker Rate Mortgage
Type of Interest
Variable Rate Mortgage