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
Transfer Deed
This is the legal document which transfers ownership of registered land from the seller to the buyer.
Tracker Mortgage
This is a variable rate mortgage where the interest rate is linked directly to the Bank of England Base Rate. Therefore when the Base Rate changes, the rate on your tracker mortgage changes by the same amount. For example, if the Base Rate increases by 0.25% then your mortgage payments will increase by the same amount.
Title Deeds
These are the legal documents showing the ownership of your property.
Title
This is the legal right to the ownership of your property.
Term
This is the length of time over which your mortgage loan is repaid.