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How you can save thousands of pounds on your UK mortgage -The insider secrets revealed for the first time by Charles Reading.

Advance

A UK mortgage loan.

A loan provided by a UK bank or building society normally secured by first charge against the title of the property

Adverse credit mortgage uk

A mortgage arranged for a borrower who has a poor credit rating where invariably higher interest rates will apply.

Advice home loan mortgage uk

Advice can be sought from approved mortgage advisers who have passed the appropriate examinations

Amortisation
The period of time a loan is scheduled to be repaid in full, also known as the scheduled repayment term

Appointed representative

This is a salesperson, company or organisation that advises on the investment products (endowments, pensions, unit trusts and so on) of one single life assurance company.

APR

Annual Percentage Rate. This is meant to be a way of comparing the cost of credit. It takes into account most of the up-front and on-going costs involved in taking out a mortgage. As already advised you cannot always rely on it because lenders work it out in different ways

Arrangement fee

A fee you pay to the lender in return for a mortgage deal. This deal could be fixed, discounted or cash-back. The fees are known as the:
application fee
booking fee
completion fee
drawdown fee
reservation fee

ASU Insurance

This covers accident, sickness and unemployment. It provides a monthly payment if you cannot work for an extended period due to an accident, sickness or unemployment. Beware of the policy conditions they can be penal, and PHI can be better value if you are not concerned about unemployment (consult an IFA).

Bad credit mortgage UK

A mortgage arranged for a borrower who has a poor credit rating where invariably higher interest rates will apply.

Bad credit loan Uk

Similar to the above - but often arranged by a second rather than first charge on the property.

Bad credit mortgage uk

Similar to the above.

Bad credit remortage uk
The remortage equivalent to raise funds agains a property already mortgaged by the owner.

BBA

British Bankers Association. This is the trade organisation of the banks.

Best deal let mortgage uk
What is deemed to be the most competitive buy to let mortgage.

Best fixed rate mortgage uk

Generally considered to be a mortgage offered with the lowest APR, although the term and small print conditions should be considered.

Best mortgage deal uk

Most of us want the best mortgage deal in the UK, but this depends upon personal circumstances and is likely to be different for applicants depending on their personal priorities.

Best mortgage deals uk
See above.

Best mortgage uk

See above.

Best remortgage deal uk

Most of us want the best mortgage deal in the UK, but it is possible to swap your mortgage if you can find a better one, this is called a remortgage, and depends upon personal circumstances and is likely to be different for applicants depending on their personal priorities.

Best uk mortgage rate

This is generally the lowest rate available for a given type of UK mortgage, however due to small print conditions it doesn`t mean it is the highest value.

Bonuses

These are payments that a life assurance company adds to a 'with-profits' endowment. Bonuses are usually made at the end of each year, and there may be a final (terminal) bonus when the endowment comes to the end of its term. This normally coincides with when you have to repay the mortgage. Bonuses aren't guaranteed, and the amount awarded can change each year. However, once a bonus is made by the life company, they can't take it away.

BSA

Building Societies' Association. This is the trade organisation of the building societies.

Buildings insurance

This covers the cost of rebuilding or repairing the structure of the property. Lenders insist you have enough buildings insurance before they give you a mortgage. With leasehold properties, it is the freeholder's responsibility to arrange buildings insurance, although the freeholder will usually pass on the charges to the leaseholder.

Buildings and contents insurance

This is combined insurance, which may be cheaper than one policy for buildings insurance and another separate policy for contents insurance.

Bridging Loan

A temporary loan which enables you to complete the purchase of a new home if you have to do this before completing the sale of your existing house – not recommended.

Capital
The amount of money borrowed from a lender.

Capital and interest mortgage

Your monthly payments are partly to pay the interest on the amount you borrowed and partly to repay the outstanding mortgage. Also known as a repayment mortgage.

Capped Rate

An interest rate charged for a set period of months or years which can go up and down with the variable rate, but there is a maximum (capped) interest rate which it cannot go above.

Cashback

A payment you receive when you take out a mortgage. It may be a fixed amount, or a percentage of the amount of the mortgage.

CAT marks/standards

Standing for charges, access and terms, CAT-marked mortgages must comply with benchmarks laid down by the Government. Different CAT marks apply for (discounted) variable rate and fixed or capped rate mortgages. The Government stresses that a CAT mark doesn’t mean a mortgage deal is officially endorsed and for many people non-CAT-marked deals will be a better option.

Cheap mortgages uk

Borrowers work out what is a cheap mortgage in the UK in various ways, although the most common is to merely compare interest rates which can be really deceptive. The accepted comparison is an Annual Percentage Rate - see APR.

CCJ

County Court Judgement. A decision reached in the County Court which can be for failure to pay debts. If you pay off the debt, the CCJ is satisfied and a note is put on your records to say this.

Charge

The legal right a lender has over a property used as security, until the borrowed amount has been repaid in full.

Commercial mortgage uk

A loan made against the security of commercial premises

CML

Council of Mortgage Lenders. Building societies and most banks and other lenders are members of this trade organisation.

Collar

Used in connection with capped interest rates the collar prevents the interest rate charged from falling below a predetermined level (this can limit the range of the potential reduction in repayments with which the borrower can benefit.

Completion

When the sale and purchase of the property are finalised, and you become the owner of the house or flat.

Credit reference

Information gathered by credit reference agencies about an individual’s financial standing, for use by organisations to assess a potential borrower’s risk profile.

Discharge

When a mortgage has been paid off in full, and the charge has been removed from the property.

Discounted rate

A guaranteed reduction in the standard variable interest rate over a specified period. Once the period has ended the discounted rate usually reverts to the prevailing variable interest rate at that time.

Equity

The amount of value in a property that isn't covered by a mortgage – simply take the amount of the mortgage from the valuation, to work out the equity.

Equity release

You take a new, larger mortgage, or increase a mortgage you already have and use some or all of the extra money you have raised for home improvements, holidays or other plans.

Estate agency fees

The amount the estate agent charges the person selling the property. This is usually worked out as a percentage of the sale price, and may be negotiable. On a 2% fee, the estate agent selling the property for £60,000, would receive £1,200.

Exchange of contracts

The point where you and the person selling the property sign and swap identical contracts that show the price and a description of the fixtures and fittings are being sold, as well as a date when everything will be finalised. When you exchange contracts the deal becomes legally binding, and if you or the seller pull out before completion, you or they will have to pay compensation to the other side.

Execution-only

The company selling or arranging an investment product like a pension or PEP cannot and does not give any advice on the benefits of the scheme – they simply sell the product.

Extra cover or accidental cover

This is insurance against damage to the structure of your property and its contents – for instance, putting your foot through the ceiling or spilling paint on the carpet.

Fixed rate

The interest charged on the mortgage is for a set amount for an agreed period of months or years.

Fixtures

Any item that is attached to a property, and so is legally part of the property.

Flexible mortgage

A type of mortgage where you can make extra payments and even underpayments without paying a charge or penalty.

FPC

Financial planning certificate. These are professional qualifications for financial advisers. There are FPC Levels I, II, III.

First time buyer mortgage uk

Some lenders arrange special incentives for those who are securing their first home.

Fixed rate mortgage uk

A mortgage which benefits from a rate which will not vary for a pre-specified period.

Freehold

This is when you own the property and the land it is on.

Freeholder

Someone who owns the freehold of the property.

Gazumping

This is when the person selling the property accepts an offer from a potential buyer, and then accepts a new, higher offer from another buyer before exchange of contracts.

Gazundering

This is when the person selling the property accepts an offer, and then the buyer puts in a new, lower offer just before exchange of contracts.

Gross monthly repayment

The amount you must repay to the lender.

Ground rent

A fee that a leaseholder has to pay the freeholder every year.

Guaranteed death benefit

On certain life policies, there is a guarantee that the company will pay out a certain amount should you die during the policy term.

HM Land Registry

The official organisation that keeps records of properties in England and Wales. Transfer of ownership has to be registered with the HM Land Registry.

Home Mortgage Loan UK

A loan secured on a UK home.

Homebuyer's report

This is a professional surveyor’s report on the structural state of a property. This is more detailed than a valuation but less detailed than a full structural survey. The report is optional and you pay the bill; but this report should pick up possible problems, and may give you the chance to negotiate a lower price. And you have more grounds to sue or get compensation from a surveyor for a poor report than you would from a simple valuation.

IFAs

Independent Financial Advisers. These advisers act for you and can impartially give you information on and recommend protection and investment products (endowments, pensions, PEPs) from the full range of life assurance and investment companies.

Income multipliers or multiples

The size of mortgage that lenders will offer will often be worked out by multiplying your income each year by a set figure. If you are the only person taking out the mortgage, the usual maximum income multiple is three times your yearly income. So someone earning £15,000 could borrow three times this amount, or £45,000. If you are taking out a mortgage with someone else, the multipliers might be three times the main income plus one times the second income. Or it could be two-and-a-half times the two incomes added together. Lenders may consider including all or part of any regular bonuses or commission you receive as your income.

Income protection insurance

This covers accident, sickness and unemployment. It provides a monthly payment if you cannot work for an extended period due to an accident, sickness or unemployment.

Income reference

This is confirmation from your employer that you earn the amount you claim in your mortgage application. Accountants may also give confirmation of income if you are self-employed.

Interest rate

The cost of using borrowed money, expressed as a percentage, interest being charged on the amount you borrow i.e. the capital/principal.
Interest-only

Your monthly payments to your lender are simply made up of interest. You do not pay off any of the mortgage during the term of the mortgage. You pay off the mortgage finally using the proceeds of a separate investment plan for example, an endowment, personal pension or PEP and so on.

IPT

Insurance premium tax. A tax on all UK general insurance. Charged at a rate set by Government as a percentage of the premium when you buy it from an insurance company or an insurance broker.

ISA

Individual Savings Account. This is a tax effective way to own shares, unit trusts, and life assurance, as well as cash deposits. Depending on the lender, you may use an ISA to repay an interest-only mortgage.

Leasehold

This is when you own the property for a set number of years, after which it goes back to the freeholder. Most flats in England are leasehold, and although most lenders will lend on leasehold properties, they will demand that there are a number of years left on the lease before making a loan (this could be 60 years, but will depend on the lender).

Leaseholder

Someone who owns a leasehold property.

Lenders Mortgage UK

An advance of funds to an approved borrower to buy a property in the UK.

Lessee

A person to whom a lease is granted

Lessor

Someone who grants a lease.

Let Mortgage UK

A loan secured on a UK property which is being let (often on a shorthold tenancy agreement).

Level term assurance

Life assurance which pays out a lump amount if you die during the term. The amount of cover stays the same throughout the term, which makes the cover suitable for interest-only loans because the amount you owe on the mortgage stays the same until the end of the mortgage.

Licensed conveyancer

An alternative to solicitors, these people specialise in the legal side of buying and selling property.

Low rated second mortages uk

Self explanatory really but clearly the rate refers to the UK interest rate, however a second mortgage would mean that your property would have two legal,charges registered against it. Invariably the lender with the first charge would need to agree to your taking out the additional secured loan.

Loyalty bonus

These are special schemes if you already have a mortgage, that may provide reduced interest rates or fees, and even services like removals.

LTV

Loan to value. This is the size of the mortgage as a percentage of the value of the property or the price you are paying for the property. A £90,000 mortgage on a house valued at £100,000 would mean an LTV of 90%.

Mortgage advisor uk

A qualified adviser who has past specially stringent examinations to enable him to give advice to UK borrowers.

mortgage adviser uk
See above.

Mortgage provider uk

A lender of uk mortgage funds.

Mortgage lender uk
See above.

MGI or MIG

Mortgage guarantee or indemnity insurance. This is insurance that covers the lender in case your property is repossessed and the lender cannot get back its money. (the lender may add the premium, which usually applies on high LTV mortgages, to the mortgage).

Mortgage Calculator uk

A software or tabular calculator which works out the cost of borrowing varying amounts of money, at different interest rates over specific terms of years.

Mortgage finance uk car loan uk

It is a popular concept to use the lower rates available on a mortgage to raise funds for the purpose of raising money to buy cars, caravans, boats , home improvements etc. this is often by further advance.

Mortgage life insurance uk
Life cover taken by borrowers to pay off their mortgage in the event of death - can be on a level or decreasing basis.

Mortgage Loan UK

A loan arranged by mortgage on a residential or commercial property in the UK

Mortgage remortgage uk

The borrowing of funds against the security of a property in the UK.

Mortgage UK

A loan to buy a home in the UK, where you put up the property as security against paying back the loan.

Mortgagee

The company or organisation which lends you the money under a mortgage.

Mortgage insurance uk
Often conditional insurances for life, critical illness, sickness and accident, or buildings and contents cover, taken alongside a mortgage.

Mortgagor

The person taking out the mortgage.

Mortage protection uk

Generally a life policy without profits which sum assured decreases as capital is repaid to the lender.

Mortgage quote uk
An illustration given to confirm the cost of a mortgage - this is now a legal requirement under the `mortgage code` in the UK.

mortgage advice uk

Advice taken from a mortgage broker or independent financial adviser in the UK.

Mortgage deal uk
A particular type of mortgage to include all linked costs in the UK.

Mortgage Payment Protection Insurance uk

This is insurance you may take out when you take on a loan. This will pay an agreed monthly payment if you cannot work because of an accident, sickness or unemployment. This amount should cover your mortgage repayments.

Mortgage rate uk

This is the rate charged by lenders - however it is linked to the bank base rate and with competition in the market there is a variation in rates charged between companies.

Multiple agency

A number of estate agents are instructed to sell the property.

Mutuals

Organisations owned by and for the benefit of their members (savers and borrowers), with no outside shareholders. Building societies are mutuals, and so are some insurance and investment companies.

Negative equity

This is where the money you owe on the mortgage is greater than the value of the property. For example, if you had a £100,000 mortgage on a property valued at £90,000, you would have £10,000 negative equity.

New for old

This is insurance cover which will pay the full cost of replacing damaged or lost property with a similar, new item.

No-claims bonus

This is similar to motor insurance. You will be given a discount on buildings and contents insurance if you haven't made a claim for a number of years.
Non-status

This means the lender does not need employment or income references from you. This type of loan is often offered to self-employed people.

On risk

This is when your insurance cover begins. This may be before you have paid a premium.

Percentage advance

The size of the mortgage worked out as a percentage of the price you are paying for the property or valuation. (If your property was valued at £80,000, a £60,000 mortgage would be a 75% advance.)

Personal pension

This is a structured personal savings and investment plan to provide for your financial needs after you retire. You can use some of the proceeds from a personal pension to pay off an interest-only mortgage. You will need to arrange life assurance separately.

PHI

Permanent health insurance.

This pays a regular monthly amount until you retire or return to work if you cannot work because of illness or an accident.

Personal secured loan mortgage uk

This is merely a legal charge taken on a uk property for a personal loan.

Policy excess

The amount you will have to pay when you make a buildings or contents claim. For example, this may be the first £50 of a £500 claim for damage caused by a storm.

Policy schedule (buildings and contents)

This gives policy details of how much cover you have (the sum insured), the discount you qualify for (if any), and the premiums you have to pay. With some policies you may get a new schedule when you renew the policy or whenever you want to change your policy.

Possession

The lenders' term for repossessing your property.

Purchaser

The buyer of the property.

Rebuilding cost

This is the recommended amount calculated by the Surveyor (and confirmed in your property valuation) that you should take out buildings insurance cover for. This may be higher or lower than the market value of your property.

Remittance fee

A charge made by the lender for sending the mortgage funds to your solicitor when the purchase is just about to be completed.

Remortgage

A new mortgage although you are not moving home.

Removal expenses

The cost of hiring a removal firm. This may depend on the total amount and size of your possessions, the distance travelled, the number of stairs and so on.

Repayment

Your monthly payments are partly to pay the interest on the amount you borrowed and partly to repay the outstanding mortgage. Also known as a capital and interest mortgage.

Replacement value

This is the cost of buying the same or similar items as new, if you have to replace them in the event of a claim.

Repossession

Where a lender exercises its power of sale and repossesses a property, if the borrower has fallen severely behind in their mortgage repayments.

Sealing fee

A charge made by lenders when you repay the mortgage.

Searches

Checks carried out during the conveyancing. These checks are made with local authorities and other official organisations to check planning proposals and other matters that may affect the value of the property, and if it can be sold in the future.

Second mortgage uk

This is a loan which is secured by a second charge on a UK property.

Second mortgage loan UK
See above.

Self-certification

You confirm how much you earn, and the lender does not need any references.

Sole agent

A single estate agent agrees to sell the property.

Solicitor

The person who deals with the conveyancing.

Stamp duty

A tax you pay on properties which cost over £60,000.

This is charged as follows:
Property value 60k - 250k stamp duty = 1%
Property value 250k - 500k stamp duty = 3%
Property value 500k+ stamp duty = 4%

So, a property costing £67,500 would have stamp duty of £675.

Structural survey

This is the most wide-ranging check of the outside and inside of a property, (carried out by a professional surveyor), it should pick up all but the most hidden faults. The structural survey is optional and you must pay for it, but it does provide the greatest protection for the potential buyer in terms of the information it provides. It also gives you cover against negligence by the surveyor.

Sum assured

How much the life assurance or investment company guarantees to pay you, if you have an endowment policy and you die. This figure may be less than the mortgage amount unless the policy is specifically designed to match the mortgage amount.

SVR

Standard variable rate The interest rate the lender charges goes up and down, with your interest payments changing accordingly.

Tax relief

Mortgage Interest Relief at Source (MIRAS). This is tax relief on mortgage interest payments which was abolished in April 2000.

Tie-in period

As a condition of a special mortgage deal (discount or fixed rate, for example), you may have to agree to stay with the lender for a period of months or years after the deal has ended. If you move your mortgage elsewhere during this period, you may have to pay an early redemption charge.

Term

The period of years over which you take the mortgage and when you have to repay it. Most new mortgages are taken on a 25-year term.

Third party buildings insurance fee

A charge a lender may make if you decide to take buildings insurance from someone other than the lender. A typical charge is around £35.

Title deeds

Documents to show proof of who owns the freehold and leasehold property.

Total Amount Payable (TAP)

The total cost of repaying a mortgage over the loan period, including the initial amount borrowed and interest.

Transfer deed

A document that, once you sign it, actually transfers the ownership of the property to you.

UK adverse mortgage

A mortgage arranged for those with a poor credit history.

UK CCJ mortgage

See above specifically for those with a county court judgment to their name.

uk endowment mortgage

An interest only mortgage where the borrower effects an endowment insurance polcy to repay the capital borrowed upon maturity.

uk independent mortgage advice

An adviser who can advise from the full range of mortgages available in the UK in an impartial way.

UK mortgages

Loans made against the security of a UK property.

UK mortgage broker

An individual or company that offers UK mortgage advice - he may advise from all mortgage products or merely a small list of lenders.

uk mortgage calculator

Often a software product which can illustrate the cost of borrowing UK mortgage funds.

UK mortgage company
see below.

uk mortgage lender
normally a bank or building society in the UK.

uk mortgage loan calculator

See the above.

UK mortgage finder

Often the internet or newspapers are used to find UK mortgages but do beware as the vitally important small print is often missed.

uk mortgage quote

An illustration of the cost of borrowing UK mortgage funds.

uk remortgage

A situation where a borrower has decided to replace a mortgage with an alternative on better terms.

Unit-linked endowment

Your monthly premiums are used to buy units in a fund or funds run by professional managers. Like unit trusts, the price of these units can go up and down, so the value of the endowment can constantly change.

Unitised with-profits endowment

A mixture of the unit-linked and with-profits endowments. Like the unit-linked endowment your monthly premiums are used to buy units in a fund, or funds. Unlike the unit-linked endowment, the value of the units cannot fall, once an increase has been made.

Unit trust

A popular type of stock market-linked investment that you may use to repay an interest-only mortgage. Your monthly premiums buy units in a fund of stocks and shares that is run by a professional manager. The value of units can go down as well as up, and a unit trust doesn't include life assurance.

Valuation

A simple check of the property in order to find out how much it is worth and whether it is suitable to lend a mortgage on. This is carried out by a professional surveyor for the lender. You usually pay the bill and will normally get a copy of the report.

Variable rate

The interest rate the lender charges goes up and down, with your interest payments changing accordingly.

Vendor

The owner selling you their property.

With-profits endowment

Your monthly premiums are pooled together and invested for you by a life insurance company. The policy will have a basic sum assured which bonuses are added to, to build up a cash sum. This should be enough at the end of the term to repay the mortgage as long as the projected growth rate is achieved.

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