Welcome to our Mortgage Glossary. Here you will find definitions for more commonly used mortgage terms, making the jargon clearer. If you're unsure of any words or phrases, simply use the guide below.
Ground rent is paid by the leaseholder of a property to the owner of that land the property occupies, otherwise known as the freeholder. The amount and frequency of payment is set out in the lease.
A guarantor is personally responsible for the repayment on demand of all monies and all other liabilities of the borrower if they default on their mortgage commitments.