Jargon Reference Guide



 

Basic Variable Mortgage Rate


The mortgage lender's standard rate of interest which may be increased or decreased periodically by the lender depending on prevailing economic conditions.

Bridging Loan


A temporary loan providing financial cover which allows a buyer to complete on the purchase of a new property before selling the previous property.

Building Survey (Formerly a Full Structural Survey)


A full inspection of the property, conducted by a chartered surveyor, who then writes a detailed report including any property defects. Suitable for any house, particularly older properties and those which have been poorly maintained as well as for properties which have been extensively altered or extended, and any property you may wish to alter or extend.

Buy to Let Mortgage


A type of mortgage specifically designed for investors buying a property with the intention of letting it out.