This is a charge levied by the lender to cover the costs of processing a mortgage application. If an application is not completed, the fee may not be refunded.
Annual Percentage Rate (APR)
The APR is a compound interest rate figure used to compare different mortgages. Defined by law, it includes repayments on the loan plus any mortgage related fees such as booking, arrangement or basic valuation fees. The APR shows the true cost of borrowing over the entire term and should appear on all mortgage illustrations.
The person or party applying for a property to buy.
The value of a property, as estimated by a surveyor.
The increase in the value of a property as a result of changes in market conditions.
Fees charged to arrange a loan on certain products. Usually applied to loans where a special interest rate applies e.g. fixed or capped rates.
Any form of property owned by a person, including currency, stocks and enforceable claims against others.
The transfer of ownership of an insurance policy or lease.
The sale of a property to the highest bidder.