Glossary

Term
The length of the loan.

Timber framed
Usually associated with older properties and simply means that the frame of the building is made of timber and not of bricks or concrete. Some lenders will not view these properties as valid security for a mortgage.

Title
The documentary proof an owner has the right of possession to land.

Title insurance
Insurance against potential loss resulting from defects of title to a specifically described parcel of property.

Title search
An investigation into the history of ownership of a property, carried out by a conveyancer or solicitor to check for unpaid claims, restrictions or problems and to prove that the seller can transfer free and clear ownership to the buyer.

Tracker
A mortgage where the interest rate exactly follows another prescribed interest rate, usually the Bank of England's base rate, plus a margin.

Typical APR
APR stands for Annual Percentage Rate. It is a term set out under the Consumer Credit Act and is designed to reflect the total charge for credit. The total charge for credit will include the charges incurred in arranging the loan. So it not only includes the interest payable but other costs such as the mortgage valuation fee. The Typical APR is based on an example loan size, term and property value. The Typical APR assumes that the interest rate payable will not vary. Consequently, the actual APR may differ.