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JARGON BUSTER

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Underwriting

The process of analysing a mortgage application to determine the amount of risk involved. It includes a review of the potential borrower’s credit history and a judgement of the property value.

Undertaking

This can mean a condition of a mortgage where the borrower is obliged to carry out certain things. It can also mean a condition of a mortgage where the borrower is obliged to carry out certain works within a specific period of time following completion of the mortgage. In legal terms it is a legally binding promise that a borrower’s solicitor gives to the lender to have all security documents signed by the borrower and to certify that the borrower’s title to the property is good and marketable.


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