This is a document to be signed and returned to the mortgage lender upon acceptance of their mortgage offer.
Administration and Application fee
This is a fee charged by the mortgage lender to cover the costs of the mortgage application. If a mortgage application fails to complete, this fee may not be refunded.
Annual Percentage Rate (APR)
This rate is used to compare different mortgages and by law, it includes all chargeable fees including booking, arrangement and redemption fees. Ultimately, the APR should show the exact cost of borrowing and should be clearly illustrated on all mortgage illustrations and quotes.
This is an industry term for the potential purchaser.
This is the increase in value of a property usually as a result of changes in the market.
This is the transfer of ownership of a lease, most commonly encountered in off-plan transactions.