Mortgage Glossary
There is a lot of ‘jargon’ used in the mortgage industry.
We have tried to provide you with a comprehensive explanation of all the terminology that you may come across during the mortgage process
Freehold
When you have the freehold on a property this means that you solely own the property and the land it is situated on.
Fixed Rate
This is a mortgage rate where the interest rate is agreed at the start of the mortgage and will not change during the term of the fixed rate. this will ensure you know exactly how much your monthly payment will be during the fixed rate period.
First Time Buyer
This is the term for a person taking out their very first mortgage.
First Time Buyer Mortgage
There are mortgages available exclusively for first time buyers and can have some special features such as; assistance towards legal fees, cash backs and free valuations.