This is a charge levied by the lender to cover the costs of processing a mortgage application. If an application is not completed, the fee may not be refunded.
Agreement in principal. This is confirmation from a mortgage lender that subject to their normal reference checks and a survey they will lend a pre-agreed amount to a buyer.
Annual Percentage Rate (APR)
The total cost of a loan, which includes the costs, interest charges, and arrangement fees.
The person or party wishing to rent or buy a property.
The value of a property, as estimated by a surveyor.
The increase in the value of a property as a result of changes in market conditions.
Fees charged to arrange a loan on certain products. Usually applied to loans where a special interest rate applies e.g. fixed or capped rates.
Any form of property owned by a person, including currency, stocks and enforceable claims against others.
The transfer of ownership of an insurance policy or lease.
Assured Shorthold Tenancy (AST)
The most common type of Tenancy Agreement in the private rental sector setting out the rights and obligations of the landlord and tenant. It is used where the rent is below £100,000 per annum and the tenant is an individual, or group of individuals, rather than a company. The term must be for longer than six months.
The sale of a property to the highest bidder. Buyers are required to sign a contract and pay a deposit immediately.