Debt
An amount owed by one person to another. Once you take out a mortgage, the amount you owe to the lender is the debt.
Debt consolidation
A means whereby you can bring a number of different loans together into a single loan. This may be more efficient for you and, if the new loan is a mortgage, it may have a lower rate of interest because it is supported by the value of your property..
Deed
The legal document giving ownership/title to a property.
Deeds release fee
A fee charged by a lender to cover the administration involved in releasing its charge over the property and returning the deeds to your solicitor.
Default
The failure to make mortgage payments at the right time or at the right level.
Deferred interest
The ability not to pay interest for a given period, typically at the start of a loan period, but agreeing to pay it later.
Deposit
The amount of money put into the purchase of a property by borrowers, usually at exchange of contracts and most commonly 10% of the agreed purchase price.
Depreciation
The reduction in value of a property caused by changes in market conditions, the condition of the property or the locality.
Disbursements
The expenses involved in the conveyancing of a property, typically photocopying, postage, and printing of legal documentation. They are added to the amount charged by the solicitor or conveyancer.
Discharge fee
Lenders charge this fee when releasing the charge over a property after a mortgage has been repaid.
Discharged bankrupt
See Bankrupt - to be discharged from.
Discount period
The period during which the interest rate is below a 'normal' rate, typically up to 3 years.
Discounted rate
The interest rate below a standard variable rate for certain kinds of Mortgages. See Discounted Rate Mortgages in the 'Mortgages Explained' section.
Draw down facility
The ability to increase the level of your borrowing under certain special mortgages up to pre-agreed limits and at pre-agreed times. Useful if, for example, you know that at a certain time in the future you are going to want to spend money improving your property.
Drop-lock facility
The ability to move from a variable rate mortgage to a fixed rate mortgage with the same lender without penalty.