Glossary of Terms

Home Buying Glossary

Confused by some of the technical terms and property wording? Don’t worry we’ve put together this home buying glossary of terms to help.

Arrangement Fee – The fee charged by your lender to cover the work involved it setting up your new mortgage.

Building Insurance – A policy taken out to protect your home for potential damage from fire, thunder or flooding. You will need to make monthly or annual payments to ensure your policy is active.

Capital – The amount of money borrowed for your mortgage

Deposit– A lump sum payment contribution towards the cost of your new home

Early Repayment Charge – A fee charged by your lender if you pay your mortgage off before the agreed term ends.

Fixtures & Fittings – the non structural items that are included in the sale.

Mortgage Offer – A formal offer to you from your lender for the sum agreed in your application

Overpayments – You are allowed to make an over payment on your mortgage, whether this is a lump sum or an increase monthly. Usually this is no more than 10% in the calendar year.

 

 

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What our customers say

We couldn’t be happier about our experience with the sales team and the site team. They made sure it was a smooth transition into our new home.

Mrs R, Quayside at Ferry Village

We are over the moon and impressed with the quality, Quayside is perfect for us.

Mr F, Quayside at Ferry Village

I love the open plan layout of my Barcelona style apartment. It’s perfect for entertaining.

Miss R, Quayside at Ferry Village