A lender’s written estimate of what it would lend you, based on a soft credit check. It is not an offer, but estate agents often ask to see one before they take your offer seriously.

See also: Mortgage offer

The annual percentage rate: the yearly cost of the loan including interest and most fees, so you can compare deals on the same footing. It assumes you keep the deal for the whole term, which few people do.

What the lender charges to set up the mortgage, usually £0 to £1,499. You can often add it to the loan, but then you pay interest on it for the full term.

See also: Product fee

Payments you have missed. Call us as soon as you think you might miss one: we can nearly always do more before the first missed payment than after it.

The Bank of England’s own interest rate. Tracker mortgages move with it; fixed rates do not change until the fixed period ends.

See also: Tracker mortgage

Cover for the structure of the home, not what is in it. Your lender will need to see a policy in place from the day you exchange contracts.

A short-term loan that covers the gap when you buy before your old home has sold. Expensive by the month, so it is a tool for weeks, not years.

Every buyer and seller whose move depends on each other. One person pulling out can stop the whole chain, which is why first-time buyers are welcome.

The day the money moves, the sale becomes legal and you get the keys. It usually happens one to four weeks after exchange.

See also: Exchange of contracts

The legal work of transferring ownership, done by a solicitor or licensed conveyancer. Expect it to take eight to twelve weeks.