Sometimes referred to as the principal private residence. This is the normal home where someone lives.

This is the legal document which establishes the loan on a property.

This is an insurance policy designed to protect the lender (the mortgagee) against loss in the event of you defaulting and ceasing to repay your mortgage. The policy may be insisted on by the lender at the start of the loan, but it?s usually the borrower (the mortgagor) who pays the premium!

The length of time the borrower has a mortgage.

This is the cheapest and most basic type of property survey. It is the minimum required survey by lenders in order that they can evaluate the suitability of the property for mortgage purposes. The borrower normally receives a copy of this report. However, it is not a comprehensive report on the condition of the property. The borrower should consider a home buyer?s report or structural survey if they require more detailed information before deciding to purchase.

See Income Multiplier.

Date on which the fixed interest or special conditions on an account end, after which the account normally reverts to an ordinary instant access account.

This indicates the minimum initial investment acceptable to the account. Some accounts may allow the balance to fall below this once it is operational but you may find the interest rate is appreciably lower.

Stands for Mortgage Interest Relief at Source. This is the way in which tax relief was allowed on mortgage payments. The withdrawal of Miras was announced in the budget, 9th March 1999, by the Chancellor and took effect from April 2000.

(MPPI) is insurance which - depending on the type of cover requested - provides you with a means of continuing to pay your mortgage in the event of you losing your job or becoming incapable of working due to sickness or accident. This, like Income Protection Insurance, can give you peace of mind, particularly with current limited social security (DSS) support for distressed mortgage payers.

This is the number of years over which the mortgage is arranged. If a capital and interest mortgage is being considered then it is worth looking at shorter terms than the traditional 25 year mortgage as considerable interest savings can be made by reducing the mortgage term by even a couple of years.

This is the most basic form of survey and is the minimum required by lenders in order to ascertain the suitability of the property as security for their loan. Although the borrower will normally receive a copy of this report it should not be relied upon as a comprehensive report on the condition of the property. A more detailed report (either a Home Buyers Report or Structural Survey) should be commissioned when considering the purchase of a property.

An organisation owned by its members and run for their benefit e.g. building societies, friendly societies and some life insurance companies.