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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A company which is owed money by trade debtors faces the risk of slow payment or default on those debts, which can put strain on its cash flow. One of the ways it can mitigate this danger is by 'facto (More)
fair market value
An appraisal term for the price which a property would bring in a competitive market, given a willing seller and willing buyer, each having a reasonable knowledge of all pertinent facts, with neither (More)
Land used for agricultural purposes for crop and livestock farming.
The Scottish term for the right to absolute ownership in land.
fixed rate mortgage
A type of mortgage where interest repayments to the lender are fixed until maturity or for a specified term.
fixed–rate mortgage
A mortgage with an interest rate that remains constant for the life of the loan.
When a company decides to list its shares on a stock market it has to go through an elaborate process before its shares become quoted. The final act of listing is known as a flotation. The company  (More)
The process by which a lender takes back a property on which the mortgage has defaulted. A service may take over a property from a borrower on behalf of a lender. A property usually goes into the proc (More)
A business arrangement undertaken for the purpose of marketing a product or service. One party (the franchiser) provides marketing and selling expertise for a fee to another party (the franchisee) wh (More)
The permanent ownership of land or buildings which can be legally passed on to heirs and the most usual form of ownership for houses. Also known as property that is held in 'fee simple'.
full structural
An extensive property survey.









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