Barclays Direct, Formerly I N G Direct

An additional loan to the existing mortgage taken out after the original mortgage has completed which is also secured against the property. When you have a mortgage, a lender may allow you to borrow additional amounts so you do not need
to remortgage.

A mortgage loan.

Agreement in Principle - Written confirmation of how much we are prepared to lend you, subject to satisfactory confirmation of affordability and valuation.

Stands for Annual Percentage Rate, which helps you compare the cost of different mortgage deals. It takes into account the amount of interest you will pay, the length of the term of the mortgage and certain other charges such as any arrangement fee. However, it does not take into account fees such as early repayment charges.

Lenders sometimes charge a fee to cover the work involved in setting up your mortgage or for certain mortgage rates.

Describes missed payments on a mortgage account if a borrower has failed to keep up their mortgage repayments.

The transfer of ownership of an insurance policy or a lease.

The amount of loan owed at a particular time.

A mortgage that is a fixed amount above or below the Bank
of England Base Rate, and rises and falls in line with the
Base Rate.

The Bank of England sets a rate each month known as the 'Base Rate' or 'Repo rate'. Banks and Building Societies use the Base Rate to set the interest rates they pay on deposits,
or charge on debts.

This is a report carried out on the property on behalf of the lender to ensure it is suitable security for a loan.

A temporary loan advanced to help someone buy a new property before they have sold their existing one.

A mutual institution owned by its investors and borrowers that provides a range of savings and mortgages.

This is a very detailed inspection which produces a comprehensive report on the condition of the property. Any structural or other defects will be shown. The cost of this survey will depend on the age and type of property.

Insurance that covers the policy holder for damage to the property itself. It is a condition of the mortgage that you have adequate Buildings Insurance in place for exchange of contracts if you are purchasing, or prior to completion in the case of a remortgage, or where a Scottish property is involved.

The process of buying a residential property in order to
let it out to tenants. ING Direct does not currently offer this type
of mortgage.

Also known as a repayment mortgage. Your monthly payments gradually pay off the money (capital) you've borrowed and also cover interest on the amount outstanding.

A lump sum to reduce the loan, which may have the effect of reducing the term of your mortgage or your monthly repayments, if you have a repayment mortgage. Capital Repayments are not refundable.

Your interest rate wont go above a certain level the cap during the capped rate period. This means that you can enjoy any rate reductions, yet have the comfort of knowing that your rate won't go above the cap.

Certain mortgage products offer cashback, which means you get a cash lump sum when you enter into the mortgage to spend on anything you want.

An interest in the ownership of a property; usually a mortgage or some other debt secured against the property.

The day on which a property becomes legally yours.

A policy insuring household contents against loss or damage.

Sets out the terms on which the property is being sold, including the price. The buyer and seller each sign a copy, and these are exchanged to form a binding contract.

A legal expert handling all documentation for the sale and/or purchase of a property. This will be a solicitor or a licensed conveyancer.

This is the legal process that follows the transfer of ownership of the property, including obtaining deeds, agreeing contracts as well as obtaining the mortgage deed.

Lenders use credit scoring to help them decide whether to lend to you by asking a series of questions about you and your finances and then score your answers. Depending on your score you will be accepted or declined.