Mortgage Terminology
Like any other legal system, mortgage has much jargon that may confuse some people. Below are several mortgage terms explained in brief for better understanding.
Advance: This is the money you have borrowed plus all the additional fees.
Base Rate: In the UK, this is the base interest rate set by the Bank of England.
Bridging Loan: This is a temporary loan that enables you to purchase your new property before you are able to sell your old property.
Conveyance: The legal document that transfers ownership of unregistered land to you.
Disbursements: These are all the fees of your solicitors, such as stamp duty, land registry, search fees, etc.
Early Redemption Charge / Pre-Payment Penalty / Redemption Penalty: This is the amount of money you have to pay if you pay your mortgage in full before the time finished.
Equity: This is the amount of your property in the market minus all loans that it has.
Freehold: This means the ownership of a property and the land.
Land Registration: This is a legal document that records the ownership of a property and land.
Legal Charge: This is a legal document that records the data of the rightful owner of a property or land.
Mortgage Deed: This is a legal document that stated that the lender has a legal charge over your property.
Mortgage Payment Protection Insurance: This is the insurance that insures your mortgage payment arrives on time in case you are unable to pay your mortgage.
Sealing Fee: This is a fee made when the lender releases the legal charge over your property.
Subject To Contract: This is an agreement between seller and buyer before the actual contract is made.
Links
Independant Finacial Advisor
Independent financial advisorTheatre Tickets - London Theatre Breaks
London Theatre BreaksVacuums 2 Go - Vacuum Cleaners
Vacuum CleanersNumber 1 - Search Marketing
If you are planning to market your business search marketing allows you to reach a specific target audience.
If you want to find out how much a house has sold for in your local area go to House Prices. Search all property sold in England and Wales since 2000.