Mortgage Glossary
Plain-English explanations of common mortgage terms. No jargon, no waffle — just clear definitions to help you understand the process.
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Adverse Credit
Negative marks on your credit file such as CCJs, defaults, or missed payments that affect your mortgage options.
Affordability Assessment
The detailed checks lenders carry out beyond income multiples to decide how much you can borrow.
Agreement in Principle (AIP)
A lender's indication of how much they would be willing to lend you, before a full application.
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Stamp Duty Land Tax (SDLT)
The tax you pay when buying a property in England or Northern Ireland above certain price thresholds.
Stress Test
The higher interest rate lenders use to check you could still afford your mortgage if rates rise.
Standard Variable Rate (SVR)
The lender's default interest rate that your mortgage reverts to after a fixed or tracker deal ends.
