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Alexander Hall Mortgage jargon buster Mortgage terms beginning with D
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A mortgage in which interest is calculated daily, as opposed to monthly or annually.
An amount owed by one person or party to another.
A procedure by which a number of loans, each with individual interest rates, are collected together in a single debt and at the lowest of the individual interest rates. For instance, if you had a £2000 hire purchase debt at an interest rate of 10%, and a £10000 loan at an interest rate of 5%, consolidating the debt would leave you with a total debt of £12000 at an interest rate of 5%.
The legal document that sets out your ownership or title to a property.
A fee charged by a lender, usually at the end of a mortgage term, to cover the administration involved in returning the deeds (property ownership documents) to your solicitor.
The failure to keep up with mortgage repayments on a regular or adequate level.
A mortgage in which some or all of the interest is not paid for a specified period, usually at the start of the term.
A situation in which prices are falling. (The opposite situation to inflation)
In relation to property, deposit usually refers to the amount of money paid by the borrower as part of the purchase. Typically this will be about 10%, with the rest of the purchase funded by a mortgage.
The decline or reduction in the value of a property caused by changes in market conditions. (The opposite of appreciation)
The expenses - usually administration and legal costs - related to the conveyancing of a property.
The fee charged by lenders at the end of a mortgage term to cover the administrative costs of transferring the property ownership documents to the borrower.
A bankrupt can be relieved of the status by a court of residual liability, usually after a certain number of years. The former bankrupt assumes the status of 'discharged bankrupt' and is able to apply for credit again.
With a discounted rate mortgage, the discounted period refers to the length of time that the discounted rate is levied. Typically this will be three years.
A lower level interest rate, usually levied for a specified period, than the standard variable rate. The discounted rate typically applies at the start of the term of a discounted rate mortgage.
The facility by which borrowers may increase the level of their debt up to specified limits and at specified times.
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