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- Agreement In Principle
  - Means your mortgage application has been agreed depending on factors like your property valuation or income being confirmed.
- APRC
  - The APRC shows, as a percentage, the annual cost of a mortgage over its lifetime. It incorporates all relevant charges (including fees) that relate to the mortgage borrowing
- Arrangement Fee
  - A fee paid to ourselves or the mortgage company for services when your purchase is completed. This amount can often be added to your mortgage.
- Bank Rate
  - The basic rate of interest set by the Bank of England.
- Bridging Loan
  - A loan required to buy your new house whilst you are in the process of selling your old one.
- Completion
  - When all the legal stuff has been completed and your lender pays the funds over for your purchase. This is most often the day you are allowed the keys
- Conveyancing Fee
  - The amount your solicitor or licensed conveyancer receives for doing legal work such as registering your property. Fee often covers Stamp duty, land registry fees and other expenses
- Full Structural Survey
  - Is a comprehensive survey to check the property you are buying is structurally sound and safe to inhabit.
- Guarantor
  - Is often a family member or friend who will offer a finanical guarantee that you will repay a loan. This guarantor is liable for making the payments you don't.
- Higher Lending Charge
  - This is a higher rate of interest (HLC) imposed by the lender on borrowers it feels are more likely to default on their repayments.
- IFA
  - Stands for Independent Financial Adviser. An independent adviser who is not tied or obligated to other financial institutions.
- Land Registry Fees
  - Fees charged by the Land Registry in England and Wales for changing their property register records.
- Loan to Value Ratio
  - Tells you the proportion of your loan to the value of the property. So to borrow £100,000 on a property valued at £200,000 you would need a 50% loan to value amount
- Negative Equity
  - Is when you are borrowing more than the value of the property is worth if sold.
- Procuration Fee
  - A fee that is paid to an 'introducer' for connecting you with a particular lender.
- Early Repayment Charges
  - Is a charge you may be required to pay if you pay off your mortgage early.
- Stamp Duty
  - Is a tax applied by the Government on all house purchases over £250,000. (Figure correct March 2024) It represent percentage of the value which rises in steps as the purchase price increases.
Contact Us

Contact Us

CONTACT US

Address
The Mortgage Centre
7 The Jamb
Corby
Northants
NN17 1AY

Tel No
01536 443 777

Email
paulcotter@tmcnorthants.co.uk

Registered office :
7 The Jamb,
Corby,
Northants,
NN17 1AY.

Registered in England and Wales.
Registration No. 04682511.

The Mortgage Centre ( Northants ) is the trading name of TMC ( Northants ) Ltd. which is an appointed representative of Sesame Limited which is authorised and regulated by the Financial Conduct Authority.

Your initial mortgage consultations are free and with no obligation. There will be a fee of £495 payable when the mortgage completes. There is no fee for Equity Release and no fee for Product Transfer. For Further Advances there is a fee of £250. These fees are payable in addition to any procuration fee received from the lender.

The FCA does not regulate Estate Agents' services, Solicitor services, Commercial mortgages, and some forms of buy-to-let mortgages, Let-to-buy mortgages, Inheritance tax planning, Tax planning, and bridging loans. For Estate Agents services, Solicitors services, Commercial mortgages, investments, Inheritance tax planning, and Tax planning we act as introducers only.

Copyright © 2024 The Mortgage Centre Northants. www.tmcnorthants.co.uk Website Terms and Conditions

The Mortgage Centre ( Northants ) is the trading name of TMC ( Northants ) Ltd. which is an appointed representative of Sesame Limited which is authorised and regulated by the Financial Conduct Authority.
Registered office : 7 The Jamb Corby, Northants, NN17 1AY. Registered in England and Wales. Registration No. 04682511.