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Mortgage Glossary

Mortgage Glossary

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.

Land Registry

The Land Registry records ownership of all property in England and Wales. Lenders search their records to make sure a person selling or remortgaging a property is listed as the owner.

Leasehold

You only own a leasehold property for a fixed period of time through a legal agreement (a lease) with the landlord (or freeholder).

Leaseholders will often be required to pay a maintenance charge and ground rent. Ownership of the property returns to the landlord when the lease comes to an end.

LTV

Lenders will consider the loan amount you have applied for as a percentage of the purchase price or valuation figure (whichever is lower). This is known as the 'Loan to Value' (LTV). The lower the LTV, the larger the deposit and the greater stake you will have in your home. For example, a £75,000 mortgage on a house valued at £100,000 would mean an LTV of 75%.

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Newbury Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 206077). Registered office: Newbury Building Society, 17 Bartholomew Street, Newbury, Berkshire, RG14 5LY.

English law applies and we will communicate with you in English. We are participants of the Financial Ombudsman Service. We have a complaints procedure which we will provide on request. Most complaints that we cannot resolve can be referred to the Financial Ombudsman Service.

You can check the Financial Services register on the FCA's website.

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