A free valuation requires no up-front payment from the mortgage applicant whereas a refund will only be made when and if the mortgage application completes.

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More common on products aimed at the remortgage market but a frequent product 'enhancement'.

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The Lender, as an incentive, will offer a lump sum of cash once the mortgage has been taken out.

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A flexible mortgage linked to a current account.

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A Flexible or 'lifestyle' mortgage is designed to let you to make extra repayments when you have extra money, and to reduce or even skip payments when necessary.

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Failure of an individual to make payments on a mortgage at the correct time or to not comply with the mortgage companies requirements.

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An adverse ruling by a County Court against a person who has not satisfied their debt payments with their creditors.

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A corporation, firm or individual who, via a court proceeding, is relieved from paying all debts once assets have been surrendered to an appointed third party designated by the court.

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The amount the borrower is behind in his mortgage repayments schedule.

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If a borrower has a history of poor credit usage then this is described as Adverse Credit.

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