Please view the glossary definitions from our list below. Some terms have a dedicated page with a longer definition. This is available by clicking on the more about link.
Welcome to the mortgages glossary, brought to you by the Financial Services Network.
Use the drop down menu, or the A-Z alphabetical list to find definitions of key mortgage terms.
Our aim is to provide the most comprehensive glossary of UK financial terms on the internet. This section just contains terms relating to mortgages. Our full glossary is available on our Financial Services hub page.
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Insurance cover arranged by the borrower to protect against inability to meet mortgage payments. Unemployment cover is restricted to cover certain events only. Exclusions to this insurance include dismissal due to professional misconduct or taking voluntary redundancy. The accident and sickness cover does not cover any act of self-injury or any injury related to the use of alcohol or drugs.
A legal statement made in writing and in the presence of a solicitor or other legal professional. A fee charged when a mortgage lender is required to swear an affidavit. This is a written legal statement to a solicitor in connection with mortgage arrears.
Depression A depression is a rare but extremely severe form of recession, marked by unemployment increases, restriced credit, shrinking output, bankruptcies, falling trade and volatile currency. Hyperinflation is a common element of a depression.
First-time buyers don't have to pay stamp duty on properties under £250,000 until March 2012.