The Mortgage  |  Jargon Buster

Dylan Finance

Making Finance Simple 

Let us make is simple

At Dylan Finance we pride ourselves on making finance a little simpler to understand. Whether you are taking out a mortgage, remortgaging or protection plan we never want you to sign for something you don't fully understand.

So we put together a little Jargon Buster for you...

01.

Capped Rate

Mortgage is capped at a set rate and will not rise above this rate for the term of the deal. It may go down, but it will not go up

02.

Tracker

Moves in line with the Bank of England base rate plus a few percent, usually a short term 2 to 5 years.

03.

Discounted Rate

A Discounted rate, off the lenders Standard Variable Rate (SVR) usually a short term 2 to 3 years.

04.

Fixed Rate

Pay the same rate for the duration of the deal, no matter what happens to the interest rate.

05.

Variable Rate

Interest rate can change at any time.

06.

Interest Only

Paying the interest part of your mortgage only. The capital will need to be settled at the end of the mortgage term.

07.

Repayment

Capital and Interest paid over the term of the mortgage.

08.

Term

Duration of the mortgage or loan.

09.

Stamp Duty

Percentage of purchase price paid to a solicitor who will make the payment to the Government.

10.

Survey

Inspection of the property prior to exchange of contracts.

11.

Exchange of Contracts

Legal teams exchange signed contracts, buyer pays a deposit which is non-returnable.

12.

Completion Date

Legal team release the funds and make the keys available; seller moves out and buyer moves in.

13.

Deposit

Sum agreed as deposit when contracts are exchanged.

14.

Exit Fees

Fees due at end of mortgage or loan to leave the agreement early

15.

Approval in Principle [AIP]

Confirmation from the lender, of the amount of money they will lend to you.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

• You may have to pay an early repayment charge if you remortgage.
• Not all Buy to Let mortgages are regulated by the Financial Conduct Authority.
• As with all insurance policies, conditions and exclusions will apply.

Typically, we charge a fee of £395-£595. The precise amount will depend on your circumstances. The actual fee will be confirmed in the initial meeting, and this will not exceed £1000 in any instance. The fee is payable on application to the lender.

Dylan Finance Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register under Firm Reference No. 945350.

Registered Office:
Dylan Finance Ltd | 12 Colombo Road, Ilford, England, IG1 4RQ
Registered in England & Wales, Company No. 11737162


©DylanFinance 2024

Call us on 020 3872 0688



86-90 Paul Street
London  |  EC2A 4NE

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