These are the standard conditions applicable to a mortgage. These will be found in the paperwork given to a borrower.

These are areas where mortgage lenders wish to lend or operate in. This may simply be because they have no branches in this area or a lower awareness of the area. This is usually applicable to smaller lenders.

This is a person who will guarantee that the mortgage repayments are made in the event of default by the borrower. Usually this will be a parent or relative of a borrower. It should be remembered that a guarantor would be fully liable for repayment of the mortgage amount if a borrower defaults. The guarantor should therefore be confident that the borrower will meet all the necessary monthly payments.

When a vendor accepts a higher offer after a previous offer has already been accepted (but contracts have not been exchanged).  The person who made the previous offer is said to have been gazumped.

The contractual rate of interest without or before the deduction of any income tax liability. If interest is received gross the investor takes the responsibility for discharging any tax liability due to the Inland Revenue. However the interest will generally be paid net unless a registration form is completed to comply with Inland Revenue regulations.

This is the monthly mortgage payment before allowance is made for MIRAS tax relief (see MIRAS ). This figure will be shown on the mortgage offer, but providing the borrower is eligible for MIRAS tax relief then the lower net payment will represent the actual payment to be made.

A card used in conjunction with a cheque book that guarantees the payment to the payee, up to the amount of the card (usually ?50, ?100 or ?250).