Jargon buster | Mortgage Information | Mortgages | ING Direct

You can stop making payments altogether for a limited period agreed with the lender.

Formal approval by the Local Authority, often with conditions, allowing a proposed development to proceed. Full permissions are usually valid for five years; outline permissions, where details are reserved for subsequent approval, are usually valid for three years.

Sale of a property without the use of an estate agent.

The fee charged for reserving the mortgage product. You can pay your product fee upfront or you can add the product fee to your loan. If you add your product fee to your loan, you will pay interest on the fee as this will be included in your loan amount.

This is when you have repaid your mortgage account to a nil balance and the account is closed and the security over the property is released.

When you arrange a new mortgage on your home with a different lender, and use the new mortgage to pay off the
old one.

Your monthly payments gradually pay off the amount you have borrowed as well as the interest charged on the loan. Provided you make all the agreed payments on time, the loan will be paid in full by the end of the mortgage term.

The lender holding back part of a mortgage loan until any repairs to the property are satisfactorily completed.

A fee charged by the lender to cover administrative costs
for sealing your deeds when repayment of the mortgage
takes place.

Where you are not asked to provide evidence of your income but the lender relies on you confirming amount you earn. ING Direct does not currently offer this type of mortgage.

Legal expert handling all documentation for the sale and purchase of a property.

Stamp Duty Land Tax is collected by the government if you purchase a property worth more than £125,000. The amount is calculated on the whole purchase price and rises as the price increases. The fee is payable through your solicitor or
licenced conveyancer.

The legal documents assigning ownership of a property and/or land in Scotland. England & Wales equivalent are 'Title deeds'.

This means that an agreement is not yet legally binding.

A situation where two or more people own land or property.
In the event of the death of one of the owners, their interest passes to their estate and not the other tenants.

The length of time over which you agree to pay back
your mortgage.

The legal documents assigning ownership of a property and/or land. Scottish equivalent is 'Standard Security'.

Tracker rates vary in line with and are linked to changes in an interest rate set independently of the lender, usually the Bank of England base rate.

The Land Registry document that transfers legal ownership from seller to buyer.

Adding or removing a party to/from a mortgage.

A term applied to a property for which the seller has provisionally accepted the buyer's offer.

Facility with some mortgage products whereby with prior consent you can make lower payments for a period of time.

The charge for the valuation of the property.

This is a report carried out on the property on behalf of the lender to ensure adequate security for the mortgage you wish to take out.

A variable base rate is the basic rate of interest charged on a mortgage. This may change in reaction to market conditions, so your monthly payments can go up or down.

The seller of a property.