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.
When the lender turns down your mortgage application after reading the surveyor's valuation report.
Related: Can I contest my mortgage valuation?
This is a mortgage which has a 'fixed' rate of interest for a set period of time normally between 1-5 years.
Any items not included or included in the sale of the property. For instance curtains, carpets, wall lights, cooker etc. These are generally agreed on a document sent by the sellers solicitor to the seller to complete, this document is then passed over to the buyers solicitor for the buyer to read.
These are mortgages that allow you to pay them off in a flexible way, one example of this are mortgages that allow you to make overpayments so that you can pay off your mortgage early.
A flying freehold is formed when part of a freehold property overlaps onto a different freehold property or land.
This is when you have complete ownership of a piece of land and the property that resides on it.
Related: Understanding leasehold and freehold, What is the difference between freehold and leasehold property?
This describes a borrower who has a good credit history and who is not self-certifying his income.
