Secured Loans & Mortgages

 

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Land certificate
Proof of ownership of a property with no mortgage on it. It details the boundaries of the property and the covenants affecting it.

 

Land registry
This is a government department which registers all the details of any land transactions and issues to do with ownership of property in England and Wales.

 

Land registry certificate
This is a copy of the property entry in the land registry database concerning a property transaction or ownership.

 

Land registry fees
A charge incurred when buying a home for registering the title of a property under your name. This is usually dealt with by your solicitor / conveyancer.

 

Late charge
A fee a lender imposes on a borrower when the borrower does not make a payment on time.

 

Late payment
A payment a lender receives after the due date has passed.

 

Lease
The lease is a document which contains the rights and the covenants (rules) on behalf of both the landlord and the tenant which regulate the use of the property.

 

Leasehold
Leasehold means that a particular property is owned rather than rented but often the land on which that property is built is not owned directly by the properties owner, but instead is held under a lease for a set number of years. When the lease expires, the property returns to the freeholder, that is the person or business that holds the deeds to the land.

 

Legal fees
The charges paid to a solicitor. Lender The building society, bank, mortgage company or mortgage broker with whom you take out your mortgage or other loan.

 

Lender's arrangement fees
Fee for arranging a loan passed on to the buyer by lender. Lenders basic valuation The lenders assessment of the value of a property before authorising any loan against it.

 

Lifetime cap
A limit on how high the interest rate on a variable rate mortgage can rise over the lifetime of the loan.

 

Loan to Value Ratio (LTV)
The LTV is determined by the amount of borrowing as a proportion of the property value. (LTV = Loan / Property Value). Hence a borrowing of £70,000 against a £100,000 property gives an LTV of 70%, or 0.7.

 

Low start mortgage
The low start mortgage is a combination of a repayment mortgage and an interest only mortgage, although some lenders will have a different description of the low start mortgage. Low start mortgages are ideally suited to first time buyers with little money available to them at the start of the mortgage term. During an introductory period of the mortgage you pay only the interest payments each month. Once this introductory period ends you then begin to pay both the interest charges and the outstanding mortgage capital.

 

Loyalty bonus
Incentive based schemes for existing mortgage holders. Such as lower interest rates and discounted services. LTV The ratio of your mortgage to the market value of your property. Expressed as a percentage. For example, if you have a mortgage of £95,000 on a property worth £100,000, the loan to value is 95%.

 

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