An up-front, one off fee paid to the lender to protect them against the borrower defaulting on the loan. This is usually, charged on mortgages over 75% of the house value, and is also known as an MIG, Mortgage Indemnity Guarantee, premium or Mortgage Indemnity Premium.
Annual percentage rate (APR) the total cost of a loan - including all costs, interest charges and arrangement fees - shown as a percentage rate and easily comparable with mortgage interest rates.
Arrangement Fees
The fees charged for arranging a loan on certain products. These are usually applied to loans where a special interest rate applies e.g. fixed or capped rates.
Assignment
The transfer of ownership of an insurance policy or lease.
Auction
The sale of a property to the highest bidder.
Accord's Jargon Reference Guide - Estate & Letting Agents for Birmingham, Leamington Spa and Warwick
