REFLECTION PERIOD
A lender’s reflection period is a period of time that is set aside by a lender for the borrower to consider the terms of ...
REDEMPTION
Paying off your mortgage.
PORTABILITY/PORTING
The lender will allow the borrower to transfer (or port) an existing mortgage product to a new property, subject to both borrower and property ...
PERSONAL GUARANTEES (PG)
A Personal Guarantee (PG) is an undertaking by an individual, usually a director or shareholder of a company, to accept liability for a debt ...
PART AND PART
This refers to the repayment of a mortgage. Part and Part is a combination of both repayment and interest only mortgage. EG a loan ...
OPEN BRIDGING LOAN
Open bridging finance is offered without knowing the exact date of repayment. Due to this uncertainty the lender will charge a slightly higher interest ...
OFFSET MORTGAGE
A mortgage linked with a savings or current account. Credit balances are offset against the mortgage debt so interest is calculated daily and only ...
NEGATIVE EQUITY
Negative equity refers to a situation in which the value of a property is less than the amount of the outstanding mortgage or loan ...
MUNDIC
Mundic can be found in some properties in Cornwall and Devon. It was used in the making of concrete and can cause serious structural ...
MULTI-UNIT FREEHOLD COMPLEX
This term is often used in relation to holiday complexes, where there are several buildings on one legal freehold title. An example would be ...
MULTI-UNIT FREEHOLD BLOCK (MUFB)
A multi-unit freehold block comprises of multiple, self-contained units, on a single freehold title.
MORTGAGE VALUATION
A report on the value of a property by an independent surveyor on behalf of the mortgage provider. Our Guide to Property Surveys walks ...
MORTGAGOR
A mortgagor is someone who takes out a mortgage on a property. Essentially, they are the borrower in this agreement. By signing the mortgage ...
MORTGAGEE
A mortgagee is the lender or bank in a mortgage agreement. The mortgagee provides the mortgagor with an agreed sum of money to purchase ...
MORTGAGE ADVISER / MORTGAGE BROKER
A mortgage broker is a qualified individual who has FCA permission to give advice on regulated mortgage contracts. What are the advantages of using ...
