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Mortgages glossary

AER
The Annual Equivalent Rate is the rate of interest you should receive on savings – as long as you don't withdraw money from the account.More...
APR
The Annual Percentage Rate is the true cost of borrowing.More...
Bad credit mortgages
A bad credit mortgage, also known as a non-conforming mortgage, is a loan secured against the value of a property designed for people with poor credit histories.More...
Building Society
A building society is a financial organisation that is owned by its members, and not shareholders.More...
Buy to let mortgages
A buy-to-let mortgage is a loan secured against a property, where the borrower intends the property to be rented to tenants rather than as their residence.More...
Capped rate mortgages
A capped rate mortgage is a loan secured against a property where the level of interest charged has a ceiling.More...
Cashback mortgages
A cashback mortgage is a loan secured on a property which offers a cash rebate when the purchase is completed.More...
Commercial mortgages
A commercial mortgage is a loan taken out to help fund the purchase of land or buildings that will be used for business purposes.More...
Discount rate mortgages
A discount rate mortgage is a home loan secured against a property where the cost of repayments is reduced for a fixed term.More...
Endowment mortgages
Endowment mortgages use investment funds to pay off the value of the loan - rather than the mortgage-holder paying off the debt directly.More...
Equity Release
Equity release is a way for older homeowners to access some of the value of their home without having to make repayments or move house.More...
Fixed rate mortgages
A fixed rate mortgage is a loan secured against the value of a property where the interest charged by the lender is fixed.More...
Flexible mortgages
A flexible mortgage is a loan secured against a property with more freedom in payment schedules than a standard mortgage.More...
Foreclosure
Foreclosure is the process by which a property owner gives up their home to their mortgage lender if they fail to keep up with their repayments.More...
Higher Lending Charge
A higher lending charge is levied by some mortgage lenders on people looking to take out a loan worth more than 90 per cent of the value of the property - although they can come into effect for loan to value (LTV) ratios as low as 75 per cent.More...
Home reversion plans
Home reversion plans offer consumers the chance to access some of the value of their homes by selling some or all of their property to a third party.More...
Income multiples
Most commonly associated with mortgages, an income multiple is the standard measure whereby lenders use a person's earning to calculate how much money they are prepared to lend to them.More...
Interest only mortgages
An interest-only mortgage is a loan secured against the value of a property that is not designed to be paid off.More...
Interest rate
Interest rates are effectively the 'rental' cost of money.More...
Intermediary (mortgage, insurance, loan)
An intermediary is person or organisation that brings two groups together, for example borrowers and lenders, and for a fee, aids in negotiating terms.More...
Lifetime mortgages
Lifetime mortgages are a way for older homeowners to access some of the value of their home without having to make repayments or move house.More...
Lifetime tracker mortgages
A lifetime tracker mortgage is a loan secured against the value of a home whose costs are guaranteed to stay within a fixed percentage of the UK’s underlying cost of borrowing.More...
LTV (Loan to Value Rate)
The LTV (Loan to Value Rate) is the proportion of the value of an asset that a loan makes up.More...
Mortgage insurance
There are a series of insurance products that go with mortgages.More...
Mortgage penalty clause/lock ins
A mortgage penalty clause, also known as a ‘lock in’, is a charge that lenders attach to loans secured against the value of a property.More...
Muslim finance
Muslim finance products allow the UK’s two million Muslims to benefit from mortgages, bank accounts and child trust funds, which would normally go against their faith.More...
Negative Equity
Negative equity occurs when the amount of money that owed to a mortgage lender on a property is greater than the amount of money that could be made by selling it.More...
Offset mortgages
Offset mortgages are loans secured against a property that take any money in a customer's savings and current accounts away from the value of the loan.More...
Remortgages
A remortgage is the process of replacing an existing home loan with a new one.More...
Repayment mortgages
A repayment mortgage is a loan secured against the value of a property which is paid back in instalments.More...
Self build mortgages
A self build mortgage, also known as a stage payment mortgage, is a specialist way of taking out a loan on a house that is not built yet.More...
Self cert mortgages
Self certification mortgages (self cert mortgages) are loans secured against the value of a property.More...
Standard variable rate
A lender’s standard variable rate is the rate a lender charges its customers on loans - particularly mortgages.More...
Tracker mortgages
A tracker mortgage is a loan secured against a property where the interest charged is guaranteed to maintain a set relationship with, or "track", Bank of England base rate.More...
Variable rate mortgages
Variable rate mortgages are loans secured against the value of a property where the interest charged by the lender can vary.More...

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