Home Buyers Guide

Jargon Buster

Glossary - Home Buyer & Mortgage Terms Explained

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Acceptance or Arrangement Fee

Some 'specialist' or bad credit lenders charge this fee when they give you a mortgage – it usually is about 0.5% - 1% of the value of the loan. Most traditional lenders do not charge this fee on new loans.

Advance

This is the total amount of the loan you receive.

Adverse Credit

A poor credit history – for example if you have defaulted on loans.

Agents (see Estate Agents)

APR

Annual Percentage Rate. The true interest rate you will pay, taking associated costs into account.

Annuity Mortgage

A mortgage where the capital and interest are paid off in monthly installments.

ASU

Accident, Sickness & Unemployment insurance. It is an optional insurance which covers your monthly repayments should you fall ill or be made redundant.

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