Mortgage Glossary

Build up your knowledge by using our mortgage glossary, here to help you understand the sometimes confusing terms used to describe mortgages and other financial related products.  We have laid out our glossary in an easy to use A-Z Format. If you have any additions you would like to see, please feel free to contact us with your ideas. If you are looking for personal finance like credit cards or loans, please visit cricket finance

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administration
A company which is in severe trouble, but still with some hope of recovery, may be put into the charge of a court-appointed administrator. Going into administration means the company cannot be wound u (More)
 
administrative receiver
An insolvency practitioner appointed when a company goes into receivership. If a company is unsalvageable, it may go straight to administrative receivership, presided over by an administrative receive (More)
 
adverse credit
Any information held by credit reference agencies,that shows an entry referring to Arrears on any finance agreement, County Court Judgements, Defaults, Individual Voluntary Arrangement or Bankruptcy w (More)
 
amortisation
An annual charge made in a company's profit and loss account to reduce the value of an asset to zero over a period of years.
 
amortization period
the period or length of time over which the principal portion of a mortgage loan is scheduled to be paid down through periodic payments.
 
apr
Abbreviation for Annual Percentage Rate. Where an APR is quoted it will be based on the total charge for credit including fees and other charges for arranging a mortgage or loan. Use this figure when (More)
 
arrears
When a mortgage holder falls behind on their mortgage payments the missed payments are known as "arrears", a mortgage account which has outstanding missed payments is know to be "in arrears". An arrea (More)
 
articles of association
The document which lists the regulations that govern the running of a company. Articles of Association will cover things like: main business and purposes of the company shareholder's voting righ (More)
 
assets
The main sense in which the term asset is used is to describe anything owned by an individual or business which has a monetary value. Some assets are relatively easy to measure - debtors, cash, stock  (More)
 
assignment (assign)
The transfer of ownership of an item from one person to another. The 'item' may be tangible or intangible - for instance the benefit of a contract can be assigned from one of the contracting parties t (More)
 
audit
The official examination of a company's accounts by a qualified accountant external to the company.
 

 

 

 

 

 

 

 

 

The overall cost for comparison is 10.53% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. Early repayment charges apply. A broker fee of 1% may apply.  Your home may be repossessed if you do not keep up repayments on your mortgage.Our Financial Resources directory is available here