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
| margin |
| The amount that is added to an index rate to determine the total interest rate. An example is. base rate = 4% , Margin = 2%
Your Rate = 6% , This means that you will pay a minimum of 1% and a maximu (More) |
| |
| memorandum of association |
| Those details which a company, when formed, must submit to the Registrar of Companies together with its articles of association. They include company name, registered office, objectives, authorised sh (More) |
| |
| mortgage |
| A loan in which the borrower (the mortgagor) offers a property and land as security to the lender (the mortgagee) until the loan is repaid. Repayments of the loan are usually made on a monthly basis o (More) |
| |
| mortgage |
|
A loan that is secured on the clients property.
|
| |
| mortgage agreement in principle |
| An expression of a mortgage lender's willingness to enter into an agreement subject to other conditions being met, such as credit checks and a satisfactory property valuation.
|
| |
| mortgage conditions |
|
These are usually contained in a lender's booklet, which together with the terms of the offer form the basis of the terms and conditions of the mortgage following completion |
| |
| mortgage offer |
|
The document which states that the lender is prepared to offer a mortgage for the purchase or remortgage of a property. This document will give details on the exact amount of money that will be le (More) |
| |
| mortgagee |
| A company or institution such as a bank or building society which makes loans secured by property and the land on which it is built.
|
| |
| mortgagor |
| A person or company who takes out a loan and offers a property and the land on which it is built as security.
|
| |
