The following terms are important in order to understand what mortgages and property dealing are like in the UK. If you are looking for a property that best suits your interest then call us up. We will be happy to help you out.
A recommendation or financial consultation by an advisor about a mortgage deal that is suitable to you.
- Annual Percentage Change of Rate (APRC)
The overall cost of the mortgage. It includes the interest rate and fees.
- Approved in Principle/ Agreement in Principle
A certificate is given by lenders to show the amount being lent to you. An approved principle is not a guarantee statement; however, it can be used when registering with estate agents.
The interest rate is set by the Bank of England, for lending and borrowing purposes.
Cashback mortgages give customers a cash bonus. It is essentially an incentive for lenders to encourage people to take out a mortgage deal with them.
- Discounted Variable Rate Mortgage
A set percentage deduction for your lender’s standard variable rate over a specific period of time.
An additional amount which you have to pay if you repay your mortgage early, depending on the type of deal you may have.