Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our jargon-buster.
The costs that are incurred by a freeholder for repairing and maintaining internal and external communal parts of a building which is passed to the leaseholder.
A property that is arranged over more than one floor, but forming part of a shared property.
The sum of money which is advanced by a lender that is secured against a property.
The legal documentation relating to the mortgage lender’s interest in the property and containing all terms and conditions of the mortgage.
Mortgage Payment Protection (MPP)
Insurance that pays your monthly mortgage, normally for a specific period, if you are unable to work because of redundancy, sickness or accidents.
This is the rate of interest paid to the mortgage lender dependent upon what mortgage option has been chosen.
The period of time over which (in the case of a repayment mortgage) or at the end of which (in case of an endowment mortgage), the loan is to be repaid.
The lender of a mortgage (i.e., bank or building society).