Jargon Reference Guide



Refinancing a property by either switching a mortgage from one lender to another or by taking out a second mortgage to draw upon any equity gained by a rise in value.


Occurs when a mortgage is fully repaid.

Repayment Mortgage

Monthly payments which cover both interest and capital (as opposed to an interest-only mortgage) so that the amount outstanding gradually decreases until the mortgage is fully repaid.


Occurs when the mortgage lender takes possession of a property due to non-payment of the mortgage.


The holding back of part of a mortgage loan until repairs or specified works to the property are satisfactorily completed.