Jargon Buster

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Glossaries

Term Definition
Accelerated Possession Procedure
A way for landlords to gain possession of their property, that is straightforward and cheap, without a court hearing. The court makes its decision based solely on documents provided by the landlord and tenant, but can decide a hearing is necessary. This procedure can only be used where there is a written tenancy agreement and the tenant has been given notice. The procedure cannot be used to claim for arrears of rent.
Author: Alec Hanson
Acceptance
If you wish to accept the lenders mortgage offer you need to sign their acceptance document and send it back
Accrued Interest
Interest charged but not yet paid.
Acquisition Costs
The monetary costs involved in purchasing a property, other than the purchase price e.g. Solicitors disbursements, Fees etc
Additional Security Fee
Fee charged upfront by lenders in order to protect themselves against a borrow defaulting on the loan. This fee is usually charged on mortgages over 75% LTV. Also know as : Mortgage Indemnity Guarantee (MIG) or a Mortgage Indemnity Premium.
Adjustable Rate Mortgage
A mortgage that consists of two terms, the first of which has a fixed rate of interest, and the second an adjustable rate.
Administration Fee
Fee you pay to a company for the administration/setup of a service or product. All regulated firms must give details of all fees before you buy a service or product.
Advance
The amount of money that your lender is prepared to lend you
Adverse Credit
Refers to people with a poor credit history. May include but is not limited to, things such as county court judgments (CCJ's), bankruptcy, mortgage arrears, Individual voluntary agreements (IVA's) and credit card or other borrowing arrears or defaults
Agent
Person/company or organisation that has been appointed to acts on behalf of a landlord, i.e. letting agent, management agent or
Agreement In Principle
The likely outcome of a loan application and first step in obtaining a mortgage. Not a formal offer, but includes a credit check with a credit reference agency and an assessment of your ability to repay the loan amount requested.

Also known as 'Decision in Principle'
Agricultural Covenant
A very specific planning condition that allows for the building of a residential dwelling, on the condition that it is occupied by a person employed or associated with working the land.
Annual Equivalent Rate
The interest paid from current, deposit or savings accounts
Annual Percentage Rate
The finance charge of borrowing expressed as an annual rate. Must be shown on all UK loan advertisements.

APR generally represents the Nominal APR, the interest charges for a year

Effective APR (also called EAR) is the fee + compound interest rate, where the fee s can vary.
Appraisal
Act of determining the current value of your property. Usually performed by an estate agent when you are selling your property.