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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

Subject to Contract  Survey

This is an evaluation of the condition and value of a property, carried out by an approved surveyor and paid for by the buyer.

Stamp Duty

This is a charge levied by the government on house purchases. There is a sliding scale of stamp duty depending upon the value of the property you are buying. Your mortgage broker can provide more information on the amount you will have to pay when purchasing your property.

Self Build Scheme

This is a package for people looking to build their home themselves.

Searches

These are the enquiries made, usually by your solicitor, at the Land Registry, the Land Charges Register and Local Authorities to ensure there is nothing to cause concern about the title to the land and the property you intend to buy.