|Current Account Mortgage||
A flexible/offset mortgage that can keep all your finances in one place. It combines your mortgage with a current account and the money in the current account can be automatically set against the mortgage balance and then interest only charged on the outstanding amount of the loan.
In practice this should mean that interest payments should be reduced.
|Decision In Principle|
A written instrument that, when executed and delivered, transfers ownership of a property.
|Deed Of Covenant||
An agreement in a deed to transfer income from one person to another in a tax efficient way
Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions, for example, they may limit the density of buildings, dictate the types of structures that can be erected or prevent buildings from being used for specific purposes or even from being used at all.
This is when you have failed to make payments as you have agreed to. In property terms this is normally used when talking about missed payments on your mortgage.
|Department Of Social Security||
This department is now part of t he Department of Work and Pensions
|Department Of Work And Pensions||
Government department responsible for welfare and employment issues. Formally the Department Of Social Security
|Deposit Protection Scheme|
Loss in value of an asset over its estimated useful life.
Disbursements are the term used to mean legal costs involved with purchasing a property.
|Discounted Tracker Rate Mortgage||
This is a variable rate mortgage that is discounted from the Bank of England's base rate. It is usually discounted by a set percentage but will increase / decrease in line with the Bank of England's base rate.
For Example: If the Base Rate is 2% and the discount is 0.5%, the actual rate will be 1.5%. If the base rate increases to 3%, the actual rate will be 2.5%.
The discounted rate is normally for a set period of time and there are usually early repayment charges that will be charged if the loan is repaid within the discounted period.