Jargon Buster

Additional Enquiries

These are questions raised by the buyer’s solicitor/conveyancer, often relating to matters shown on a survey or relating to the title on your property.

Advance

Also referred to as the mortgage loan.

Agreement in Principle

Prior to finding a property to purchase a purchaser can “pre-qualify” their borrowing ability prior to a full mortgage application. Vendors will view any purchasers who have an agreement in principle as being in a stronger position to move quickly.

APR (Annual Percentage Rate)

This rate assumes certain fees and likely costs on a mortgage and includes these costs with the interest rate of the mortgage product. It is intended to help you compare products offered by different lenders.

Arrangement Fee

This fee is sometimes charged to secure a special deal, for example a fixed, discounted, tracker or capped rate mortgage.

Arrears

Mortgage payments which have not been paid and have become overdue.

Assignment

This is to transfer the ownership of an insurance policy or a lease.

Auction

The sale of a property to the highest bidder with a legally binding contract on the drop of a hammer.