Non-Status Mortgage – These are mortgages offered by lenders to borrowers who do not have proof of previous mortgage history and/or income. Non-status mortgages will usually only provide up to 70% of the property value.

Offset Mortgage – An offset mortgage allows a borrower to offset the mortgage balance against money in a current or savings account held with the lender.

Payment Holiday – A payment holiday is an offer made by some lenders to enable borrowers to take time off from making monthly repayments.

Personal Loan – This is a type of loan that an individual takes out. Personal loans usually have a fixed rate of interest and a fixed repayment period.

Redemption Penalty – This is a financial penalty charged to a borrower by a mortgage lender if the borrower changes lender or repays the amount borrowed before an initially agreed period of time.

Remortgage – A remortgage is the switching of mortgages from one lender to a new lender: the new lender pays off the remaining value of the mortgage to the old lender. A remortgage offer borrowers the opportunity to move to a mortgage that has better rates.

Repossession – Repossession occurs when a borrower does not repay a loan in the manner agreed in the terms and conditions of the loan agreement. The lender literally repossesses the property taking legal ownership away from the borrower.

Secured Loan – This is a type of loan whereby some asset, usually a property, is put up as security to a lender. This security is security for the lender and not for the borrower. If repayments are not kept the lender is legally entitled to repossess the property and sell it to reclaim its money.

Standard Variable Rate – This is the rate of interest charged by most mortgage lenders which rises and falls in relation to the Bank of England base rate.

Title Deed – A title deed is a legal document that specifies the owner of a particular property and other relevant information about the property and the land it stands upon.

Tracker Mortgage – A tracker mortgage tracks the rise and fall of the Bank of England base rate in order to give borrowers the benefit of interest rate decreases at the soonest possible moment.

Unsecured Loan – This is a type of loan which does not require the borrower to secure any asset, such as a property, against it.