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Definitions (44)
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land registry
The official body responsible for maintaining details of property ownership.LeaseholdYou own the building but not the land it stands on, and only for a certain period (anything up to 999 years). You may find it hard to get a mortgage if there are fewer than 70 years left on the lease of the property you want to buy. Find out more about buying a lea [..]
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what is a mortgage ‘agreement in principle’?
The mortgage with the best rate based on your earnings and deposit size.A document from a mortgage lender confirming you will be able to borrow a certain amount from them.A mortgage agreement confirming that someone other than you will contribute to your monthly repayments.What is conveyancing?The legal process you must go through when you buy or s [..]
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you’re reasonably clued up
It looks like you’ve got a basic grasp of the home-buying process, but there’s a still a lot to learn.If you’d like one-to-one advice from an impartial expert on everything from improving your mortgage chances to the best lender for your personal circumstances, call Which? Mortgage Advisers
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you’re a property mastermind
Congratulations, it looks like you know plenty about the home-buying process. If you’re planning to buy a place in the next few months, it’s worth talking to Which? Mortgage Advisers
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agreement in principle
A document from a mortgage lender confirming that you will be able to borrow a certain amount. You can use this to prove to a seller that you can afford to buy their property. Read more with the Which? Mortgage Advisers guide to agreements in principle
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apr
Annual percentage rate: the overall cost of a mortgage, including the interest and fees. It assumes you will have the mortgage for the whole term, so may not be a useful way to compare deals. Find out more with our what is mortgage APR? video
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arrangement fee
A set-up fee for your mortgage. Most mortgage lenders will allow you to add this fee to the loan, but this will mean you pay interest on it for the whole mortgage term. Read more on mortgage fees
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arrears
If you go into arrears it means you have 'defaulted' at least once on your mortgage repayments, ie you have missed a month's payment. Contact your lender as soon as possible if you think you may go into arrears.Base rateA rate of interest set by the Bank of England, which tracker mortgages
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booking fee
A type of mortgage set-up fee. Read more on mortgage fees
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broker
An adviser who can help you arrange a mortgage. Be aware that some brokers will get paid more commission for recommending certain deals than others; also, some of the best mortgage deals are only available if you apply directly.Which? Mortgage Advisers
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