Jargon Buster

You family or friends may be willing to gift you money to help with the deposit towards purchasing a property. The lender will want to ensure this gift is not being loaned to you, and the person giving you the deposit will not retain any interest in the property. Typically a lender will want a…

A deposit is the amount of money you are using to purchase a property alongside the mortgage. A higher deposit will mean a lower loan to value which will mean you maybe able to get a lower interest rate for your mortgage

An Agreement in Principle (or Decision in Principle) is the first step towards having your new mortgage approved. You will need to confirm to the lender your income, outgoings and what you require from your mortgage. The lender will use this information to assess whether the mortgage is affordable and also complete a credit check.…

A mortgage is a loan that a lender secures against your property. A mortgage can be used to buy a property or re arrange existing finance.