Jargon-Buster

In this section

Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our jargon-buster.

  • Additional Enquiries

    These are questions raised by the buyer’s solicitor/conveyancer, often relating to matters shown on a survey or relating to the title on your property.

  • Advance

    Also referred to as the mortgage loan.

  • Agreement in Principle

    Prior to finding a property to purchase a purchaser can 'pre-qualify' their borrowing ability prior to a full mortgage application. Vendors will view any purchasers who have an agreement in principle as being in a stronger position to move quickly.

  • APR (Annual Percentage Rate)

    This rate assumes certain fees and likely costs on a mortgage and includes these costs with the interest rate of the mortgage product. It is intended to help you compare products offered by different lenders.

  • Arrangement Fee

    This fee is sometimes charged to secure a special deal – for example a fixed, discounted, tracker or capped-rate mortgage.

  • Arrears

    Mortgage payments which have not been paid and have become overdue.

  • Assignment

    This is to transfer the ownership of an insurance policy or a lease.

  • Auction

    The sale of a property to the highest bidder with a legally binding contract on the drop of a hammer.