Jargon Buster
- Annual Percentage Rate
- The APR is a rate calculated using a generic formula applicable to all Lenders which includes all the costs associated with a mortgage. This allows for easy comparisons to be made between the different mortgage products offered by each Lender.
- Arrangement Fee
- Some lenders charge fees usually, but not always, in connection with special schemes i.e Fixed rates. These fees, if paid on application, are normally non-refundable if the mortgage does not proceed.
- Arrangement Fee
- Depending on the mortgage you eventually choose, some lenders may require an arrangement fee to set up the loan.
- Bankruptcy Search
- Your solicitor or legal advisor will undertake on behalf of the lender a bankruptcy search on you and your partner immediately prior to completion of the purchase.
- Ceiling
- The maximum allowable interest rate over the life of the loan of an adjustable rate mortgage.
