Negative equity or net interest? No claims bonus or discount? What's what?
Where you lease the property (usually a flat) for a specified period from the person or company (freeholder) who owns the rest of the building and the land it stands on.
The amount of money a bank or building society will lend you as a percentage of a property’s value, eg. LTV would be 95% if the property is worth £100,000 and they lend you £95,000.
A payment to a mortgage lender so they can take out insurance if you are borrowing more than a certain percentage of the value of your home. It protects the lender – not you- in case you default and they have to sell your home at a loss.
Cover that pays your mortgage for a limited period (usually 12 months) if you can’t pay it through accident, sickness or redundancy.
When your house is worth less than your mortgage because the value of the property has fallen.
The interest you earn on your savings after tax at basic rate has been deducted.
A reduced premium given as a reward for making no claims for a certain number of years.
Offset or all-in-one mortgages allow you to offset the balance of your mortgage and any other borrowings you have, against any money you have in a savings and/or current account (with the same lender) to reduce the amount of interest paid.
For more on mortgages, go to our Mortgage pages
For more on property, buying and selling and finances, go to our Property & Money pages
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