Jargon Buster

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Glossaries

Term Definition
Mortgage
A loan used to purchase property. In reality it is a Deed pledging freehold or leasehold property as security for the loan (also called legal charge).

If payments are not maintain as agreed the mortgagor will be able to claim the property and sell it on to recover the outstanding amount.
Mortgage Advance
A mortgage advance is the total amount of loan actually provided to the buyer, by the lender.
Mortgage Approval
A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. The Mortgage Approvals released by the Bank of England is considered as a leading indicator of the UK Housing Market.
Mortgage Broker
An agent of one or more mortgage lenders. Brokers often have access to mortgage products unavailable on the open market. The broker may charge and/or receive a fee from the lender for this service.
Mortgage Offer
The offer from a lender to actually provide you a loan and sets out the conditions by which it is offered.
Mortgage Payment Protection Insurance
Covers all or part of your monthly mortgage payment, plus an extra amount to cover mortgage related expenses, for up to 12 months should you lose your income through an accident, sickness or unemployment
Mortgage Rate
The interest rate to be applied to the mortgage loan.
Mortgagee
The lender of the loan in a mortgage agreement.
Mortgagor
The borrower of a loan in a mortgage agreement.
MRICS
NASARB
National Association Sale and Rent Back
National Approved Letting Scheme
A Government backed accreditation scheme which all letting and letting management agents can join.

In doing so they agree to meet defined standards of customer service, to maintain necessary insurances to protect clients' money, and to have customer complaints procedures in place offering independent redress.
National Association Of Estate Agents
The largest professional estate agency organisation in the Uk and committed to raising professional standards across all aspects of the property market.
National Federation Of Residential Landlords
NFRL
National House Builders Council
Standard setting body and leading warranty and insurance provider for new and newly converted homes in the UK.

Their 18,000 registered builders agree to comply with its rules and standards. An NHBC certificate gives substantial protection against building faults for 10 years.