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JARGON BUSTER

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Searches

A solicitor carries out searches on the property to establish if the seller has a legal right to sell the property and to determine whether there is anything that might affect the title of the property.

Security

Where the property is pledged to secure the mortgage.

Stamp Duty

This is a government duty, which is charged on a purchase deed and assessed on the market purchase prices of a property. There are tiered rates of duty depending on the size and price of the property.

Structural Survey

This is a survey, carried out by a qualified surveyor, to confirm the structural soundness of a property.

Split Rate

This is where you can set a portion of the mortgage at a fixed rate and the balance at a variable rate.


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