Alexander Hall Mortgages Mortgage jargon buster Mortgage terms beginning with L

Mortgage jargon buster

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Land Registration

The process of registering your title to an area of land with the Land Registry, typically handled by a solicitor.

Land Registry Fee

A charged levied by a solicitor to register ownership of an area of land with the Land Registry.

Landlord's Reference

A reference given by a previous landlord, which confirms an applicant's history of payment of rent and previous conduct as a tenant.

Leasehold (England & Wales only)

A type of ownership in which a person owns a property, but not the land on which it is built. Typically the land will be leased to the owner.

Legal Charge

A document held by the Land Registry detailing who had first claim on your property. Typically the owner will have first claim.

Legal Completion

See Completion

Legal Fee

Charges paid by a solicitor.

Lender

The party, typically a bank, building society or mortgage company, offering the loan.

Lender's Fee

A charge levied by a lender to cover the costs of arranging a mortgage.

Level Term Assurance

A life insurance policy that pays out a lump sum should the borrower die during the term of a mortgage. Level term refers to the fact that this sum will remain constant throughout the term of the mortgage.

LIBOR linked mortgage

A tracker mortgage that tracks LIBOR.

Life Insurance

An insurance policy that pays a lump sum in the event of the death of the policyholder.

Loan Consolidation

See Debt Consolidation

Loan to Value Ratio (LTV)

The proportion of the value of the property that the lender is prepared to loan. This can be up to 100%

Local Authority Search

A check carried out by a purchaser's solicitor to ensure that the prospective property is not subject to any local authority issues such as road or town planning or any enforcement notices.

Local Authority Search Fee

The fee payable to the Local Authority for conducting a Local Authority Search.

London Inter Bank Offered Rate (LIBOR)

The interest rate at which banks in London buy and sell money from each other.

Low Cost Endowment (LCE)

The typical form of endowment.

Low Start Low Cost Endowment (LSLC)

An endowment under which the repayments are reduced at the start of the term but increased later on to make up the difference.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z