Glossary of mortgage terms - L
Not sure what a MIG is or what fixed-rate and leasehold all means? We can help you through the maze of jargon with our easy-to-use mortgage glossary. Find the words you want using the buttons below.
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Land Registry Certificate
Provides details of the property including a plan and, if the property is leasehold, a copy of the lease.
Land Registry fee
A fee paid to the government’s Land Registry to register ownership of a property.
Leasehold
The right to possession, but not ownership, of a property for an agreed period of time. Ultimate ownership remains with the freeholder.
Lender
The bank/building society where you have your mortgage.
Lessee
The person to whom a lease is granted - the tenant.
Lessor/Landlord
The person who grants a lease i.e. the landlord.
Life assurance
An insurance policy that pays a lump sum on death. Often taken out with a mortgage to provide money for the loan to be repaid if the borrower dies during the term.
Loan to Value (LTV)
The size of a mortgage as a percentage of the value of the property or its purchase price.
Local authority search
Questions to the local authority regarding plans for new road building, planning permission for any building work previously carried out, connection to the mains sewer, etc.
Why Avocado?
Avocado Mortgages can help power charge your finances, releasing equity tied up in your property.
- To treat our customers fairly and with honesty and integrity in a courteous manner at all times.
- To offer our professional yet personal service to our customers in a speedy manner.
- To endeavour to recommend the most suitable lenders and products to satisfy customer needs, using the whole market place.
- To provide our customers with all the relevant information required during the process and to ensure that customers fully understand the information.
- To endeavour to make prompt contact with new clients to start our advice process as soon as possible, ensuring that the client is able to speak to an experienced advisor.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
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