Just 4 Mortgages
Mortgage Acronyms
Guide
AIP = Agreement in Principle The document that confirms the amount you can potentially borrow before the lender looks fully into your circumstances
LTV = Loan To Value Expresses the ratio of the loan compared to the value of an asset purchased
RTB = Right To Buy Used to describe the Government Scheme which allows tenants living in a council property or other social housing type to buy their home from them whilst being given a large discount.
SVR = Standard Variable Rate This is the default rate that the mortgage will revert to once any current deal with a lender comes to an end.
ERC = Early Repayment Charge These are the penalties charged by the lender if you wanted to repay all or a large part of your mortgage during a specific time.
CCJ = County Court Judgement Made against someone who has not paid a debt
BTL = Buy To Let The name for a property that will be let out to tenants or is being let out
APR = Annual Percentage Rate Indicates the overall cost of a mortgage and considers the initial interest rate and follow on rates and any fees associated with that mortgage deal over the whole term of the mortgage.
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but a typical fee will be £494