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.
Generally a mortgage product is 'portable'; which means that the terms and conditions of your current mortgage can be transferred to the mortgage on your new home. All our loans are currently portable. If there is an early repayment charge on your existing mortgage, your new mortgage needs to be for at least the same amount as the old one to avoid payment of a charge. If you do borrow less, you only need to pay a proportion of the early repayment charge. You still need to complete an application form because the mortgage is based on a new property and is subject to your current status and valuation.
If you arrange your mortgage through a mortgage broker, the lender will often pay them a procuration fee for arranging the mortgage with them. This can either be a flat fee or a percentage of the mortgage amount.