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Glossary
When viewing this website, you may encounter mortgage terms that may not be familar to you. This glossary provides general definitions for these words, as well as a brief explanation behind their meanings.
| Glossary: | |
|---|---|
| Application Fee | This is a fee charged by the mortgage lender, normally payable upfront. |
| Arrangement Fee | This is a fee charged by the mortgage lender and is normally paid on the successful arrangement of the mortgage, it can sometimes be added to the loan. |
| Bank Legal Fee | This is a fee charged by the mortgage lender to cover the legal costs which the bank incur. |
| Base Rates | Different interest rates set by banks and governments over the world to help influence the cost of borrowing. |
| Buy to let | This indicates that the mortgage product is available for investment properties. |
| Buy to let (P) | This indicates that the mortgage product is available for purchasing an investment property. |
| Buy to let (R) | This indicates that the mortgage product is available for remortgage an investment property. |
| Capital & Interest | This is a monthly mortgage payment that consists of 2 elements. One part is to pay the cost of the interest, the other is to repay the capital borrowed over the period of the loan. |
| Completion Fee | This is a fee charged by the mortgage lender on the successful drawdown of the mortgage funds, it can sometimes be added to the loan. |
| Country | The name of the country that the particular mortgage product is available in. |
| Currency | The type of currency that the loan can be taken out in. For an explanation of currency codes please go to the currency codes section. |
| Early Repayment Charge | The charge made by the lender if the client repays the mortgage earlier than the product terms allow. |
| Euribor | This base rate is used by numerous lending institutions throughout the world. |
| Fee | This indicates any application, processing, arrangement and completion fees that apply to the mortgage product. |
| Fixed | The interest rate will remain the same for the rate duration regardless of any base rate movements. |
| Initial Rate | This is the rate of interest that you would pay at the start of the mortgage. |
| Initial Term | This is the period that the initial rate of interest lasts. |
| Interest Only | Monthly mortgage payment that consists of just interest and does not repay any of the capital borrowed. |
| Lending Available | This reflects the loan amount available for a particular mortgage product. |
| Libor | This base rate is the London Interbank Offered Rate, LIBOR applies not only to the Pound Sterling, but also to major currencies such as the US Dollar, Swiss Franc and Japanese Yen. |
| Loans Available | This indicates the types of loans available for a particular mortgage product, e.g. Purchase, Remortgage and Buy to let. |
| LTV (loan to value) | This indicates the maximum Loan To Value, which is the amount of mortgage expressed as a percentage of the total value of the property. |
| Processing Fee | This is a fee charged by the mortgage lender to process the application, normally payable upfront. |
| Purchase | This indicates that the mortgage product is available for a residential purchase. |
| Ref (Reference Code) | This is the Overseas Mortgage Finder product reference code. |
| Remortgage | This indicates that the mortgage product is available to refinance a property you already own. |
| Self Build | This indicates that the mortgage product is available for properties not yet constructed. |
| Tracker | This is when the interest rate is a fixed percentage or 'margin' above a varying rate of interest called a 'base rate'. The two rates combined will result in the rate of interest you will pay. |
| Type | This indicates whether the interest rate is fixed, variable or a tracks a particular base rate. |
| Valuation Fee | This is the fee charged by the lender or valuer to complete a valuation on the property. |
| Variable | The interest rate may vary inline with the mortgage lenders set rate of interest. |
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