Jargon-Buster
Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our jargon-buster.
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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.
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Advance
Also referred to as the mortgage loan.
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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.
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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.
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Arrangement Fee
This fee is sometimes charged to secure a special deal – for example a fixed, discounted, tracker or capped-rate mortgage.
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Arrears
Mortgage payments which have not been paid and have become overdue.
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Assignment
This is to transfer the ownership of an insurance policy or a lease.
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Auction
The sale of a property to the highest bidder with a legally binding contract on the drop of a hammer.