Whether you've bought or sold a property before or not, there's lots of lingo to get your head around. Hopefully my explanations of these terms will help you.
A document that you need to sign and send back to the Lender if you wish to accept the lender’s mortgage offer.
An up-front, one-off fee paid to the lender to protect them against the borrower defaulting on the loan. Usually charged on mortgages over 75% of the house value. Also known as MIG, Indemnity Guarantee Premium and Mortgage Indemnity Premium.
The amount of money that your lender agrees to lend you.
Just as it sounds, it is a term used to refer to people with a poor credit history. This may include but is not limited to, things such as county court judgments (CCJ’s), bankruptcy, mortgage arrears, Individual Voluntary Agreements (IVA’s) and credit card or other borrowing arrears or defaults. (Can also be referred to as Non-Conforming).
This is normally a person/company, organisation that has been appointed and who acts on behalf of a landlord, such as a letting agent, management agent or estate agent.
This is a very specific planning condition that allows the building of a residential dwelling on the condition that it is occupied by a person employed or associated with working the land in someway.
This is how you are normally referred to by an estate agent/auctioneer when you are the potential buyer of a property.
This is what is done, usually by an estate agent, when you are selling your property to determine what they think the correct current value of it is. They will come in and appraise your property.
Annual Percentage Rate. The amount of interest you will pay on your loan.
Sometimes you might need to pay this fee to lenders for arranging a loan for you.
This is when an exchange contract allows you to sell on a property before the completion date.
This is when the ownership of a property is transferred from one person to another.
AST stands for “Assured Shorthold Tenancy” if basically gives a landlord the right to reclaim their property back after a specified period of time. At the moment AST’s tend to be for about 6 months.
This is a means of buying a property in a quick and open way. In an auction house, exchange is seen as having happened when the auctioneers hammer comes down for the final time for the winning bid.
Official who repossess your possessions or house if you cannot keep up on your mortgage/loan repayments.
