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Alexander Hall Mortgage jargon buster Mortgage terms beginning with H
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A charge levied by the lender as a penalty if a discounted, fixed or capped mortgage is paid off before the end of its term. Also known as Early Redemption Penalty/Fee.
A fee charged by lenders when the loan-to-value (LTV) ratio on a borrower's property is above a certain level, typically 90%.
A second property that is used for holidays and weekends rather than as a main residence. Lenders will typically charge a higher rate, or demand a larger deposit, on mortgages for a holiday home.
A type of property survey that is more comprehensive than a mortgage valuation but less extensive than a full structural survey.
The fee charged by a surveyor for producing a Home Buyer's Report.
An insurance policy that protects against loss or damage to the property caused by fire, some natural causes and acts of vandalism.
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