Jargon Buster
Understand property related jargon.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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Administration/Application fee
This is a charge levied by the lender to cover the costs of processing a mortgage application. If an application is not completed, the fee may not be refunded.
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Annual percentage rate (APR)
The APR is a compound interest rate figure used to compare different mortgages. Defined by law, it includes repayments on the loan plus any mortgage related fees such as booking, arrangement or basic valuation fees. The APR shows the true cost of borrowing over the entire term and should appear on all mortgage illustrations.
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Applicant
The person or party looking to rent a property.
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Appraised value
The value of a property, as estimated by a surveyor.
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Appreciation
The increase in the value of a property as a result of changes in market conditions.
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Arrangement fees
Fees charged to arrange a loan on certain products. Usually applied to loans where a special interest rate applies eg fixed or capped rates.
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Asset
Any form of property owned by a person, including currency, stocks and enforceable claims against others.
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Assignment
The transfer of ownership of an insurance policy or lease.
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Assured Shorthold Tenancy (AST)
The most common type of Tenancy Agreement in the private rental sector setting out the rights and obligations of the landlord and tenant. It is used where the rent is below £25,000 per annum and the tenant is an individual, or group of individuals, rather than a company. The term must be for longer than six months.
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Auction
The sale of a property to the highest bidder.
