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Lidierth Financial helped me get my dream home

JARGON BUSTER

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Deeds of Title

The legal document that evidence the owner’s legal entitlement to the property.

Deposit

A sum of money (usually 10% of the property value) paid by the buyer on exchange of contracts.

Debt Consolidation

This is taking all of your existing loans, such as car loans and personal loans, and pooling them into one larger but easier to manage loan, repaid over the term of your choice and usually at a lower mortgage interest rate.

Default

This is where the terms and conditions of the mortgage are broken. Usually it is failure to make repayments on the loan.

Depreciation

Any decrease in the value of the property.

Disbursements

Expenses paid by the solicitor on behalf of the purchaser i.e. administration, post, courier etc.

Drawdown

Following the exchange of contracts, the bank draws down the loan fund and sends them to the solicitor who receives them on your behalf in order to purchase the property.


WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY LOANS SECURED ON IT.