Mortgage Jargon Buster

Mortgages come with a lot of terminology. We've broken down every term you're likely to come across, in plain English.

The full A–Z glossary needs JavaScript. A few starter terms:

Agreement in Principle (AIP): A written estimate from a lender of how much you can borrow, based on initial checks. Also known as a Decision in Principle or Mortgage in Principle.
Early Repayment Charge (ERC): A fee for paying off or overpaying a mortgage beyond the allowed amount during a tie-in period.
Loan-to-Value (LTV): The mortgage as a percentage of the property’s value. A larger deposit usually means a lower LTV.

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