Mortgage Terms (Part 2 of 2)

Mortgage
This is a loan to buy a property.

Mortgage Deed
This is a legal document that stated that the lender has a legal charge over your property.

Mortgage Payment Protection Insurance
This is the insurance that insure your mortgage payment on time in case you are unable to pay your mortgage.

Mortgagee
Institution that lends the money in a mortgage agreement

Mortgagor
A person who borrow money in a mortgage agreement

Quotation
Document that states your mortgage cost.

Repossession
This is stating that if the mortgagee fails to pay the mortgage under specific terms, the mortgagor has the legal right to take the ownership of a property.

Repayment Mortgage
This is the payment you make each month until all fees, interest, and capital are paid off.

Sealing Fee
This is a fee made when the lender release the legal charge over your property.

Searches
Inquiries made to make sure there is no problem with the title of a property.

Stamp Duty
This is the government tax when you purchase the property.

Standard Variable Rate
This is the interest rate that may go up or down any time depending lender´s consideration.

Subject To Contract
This is an agreement between seller and buyer before the actual contract is made.

Title Deed
This is a legal document that transfers the title of a property or land from seller to buyer.

Valuation
This is the value of a property in lender´s consideration.

Valuation Fee
This is the fee for lender´s inspection about the value of a property.

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Disclaimer:
The general information provided by http://MortgagePalace.blogspot.com is intended as an educational purpose only, and should not be interpreted as legal advice. The law varies drastically by location and legal specialty, and http://MortgagePalace.blogspot.com makes no promises about the accuracy or completeness of the information provided. You should not rely on our information when making legal decisions. We recommend that you consult with a lawyer to get professional legal advice on how best to deal with your situation.
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