Lenders will insist that the property is adequately insured, with a suitable Buildings Insurance Policy, as it represents security against the mortgage debt.

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It is necessary to have a solicitor or licensed conveyancer to act on behalf of the mortgage applicant and the lender in the house purchase or remortgage transaction.

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Booking and Arrangement fees are both up-front fees charges levied at the outset of the mortgage.

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The amount charged to conduct a valuation of the property on behalf of the lender.

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High Percentage Lending Fee

For high Loan to Value (LTV) mortgages ie. where the loan is not much less than the value of the property, it is common practice for the lender to take out a form of 'insurance' to protect against some or all of the losses incurred if the property needs to be taken into possession because of serious arrears.

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A 'No overhang' option means that the mortgage scheme will allow you to repay the loan without penalty once the benefit period has ended (ie. the mortgage does have an Early Redemption Charge but it does not last longer than the fixed, capped or discount period).

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A 'No redemption' option means that the mortgage scheme will allow you to repay the loan in full at any time without applying an Early Redemption Charge.

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Given that the mortgage market is very competitive many mortgages are sold as 'loss leaders' ie the mortgage has to be held for a number of years before the lender breaks into profit.

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