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Mortgage A loan to help you buy property on condition that the company giving you the loan has certain rights, including the right to sell the property if you don’t pay back the loan.
financial advisor Is someone who is authorised to give advice to individual members of the public. Advisors can either be ‘tied' and only able to advise on products of their employer or they can be ‘independent' and able to advise on a range of providers and products.
budget This is a financial plan that shows the money you expect to receive, and the money you expect to pay out, over a specified time. It can also mean the amount of money you have allocated to spend on a specific purpose.
deposit Money given in advance to show your intention to complete the purchase of a property.
lender A person or company that lends money.
loan to value A figure representing the size of loan to a property's worth as a percentage (e.g. a property costing € 100,000 with a LTV of 75% would mean the loan was for € 75,000.
capital The amount of money you originally have, save or invest, before any interest, or any other return or loss is taken into account
Fixed rate mortgage The interest rate doesn’t change for an agreed period of time – regardless of what happens in the economy, so your payments are always the same.
Variable mortgage The rate of interest charged is not fixed but varies as general interest rates, usually expressed by the ECB base rate, vary.
ECB European Central Bank
Tracker mortgages Interest on the loan for a house is set at a fixed percentage or 'margin' above the European Central Bank (ECB) rate.
Interest only mortgage A loan for a house where only the interest due is paid off regularly. The original sum needs to still be paid off in full at the end of the term of the loan.
One-off costs Extra expenses when buying a home
Legal cost Fees paid to a solicitor or licensed conveyancer (does the same work as a solicitor, but specifically on a house sale or purchase).
Stamp duty Is a tax paid when you buy a property.
Valuation Lenders will want a survey of the property to make sure it’s worth the money they are lending you.
Mortgage arrangement fees Application fee when you are laking out a loan to buy a house.
Security Is any asset that can be sold to repay the loan if you don’t. It may be a mortgage on a property, an insurance policy or some other asset.
Mortgage protections Is a life insurance policy designed to pay off your mortgage if you die during the term
Created by: moneysense