Home Buying Jargon Buster

Buying a property can be complicated and stressful at the best of times. To get the most from your estate agent, you both need to be on the same page, have clear and open communication and understand exactly what is going on through each stage of the sale. If you’re not well acquainted with buying or selling, you may be unfamiliar with the terms frequently used. We don’t want you to be left in the dark, so we’ve created a jargon busting blog to guide you through home buying.

 

Jargon buster Glossary of terms

Chain – The sequence of buyers and sellers

Chain free – Owner of the property doesn’t need to sell their house to buy a new one

Completion – This is when the sale has gone through, and everything has been completed, the house is legally yours

Exchange – The point at which the buyer and seller exchanges contracts

Fixed rate mortgage – The interest rate remains the same through the term of the loan

Flexible mortgage – A mortgage that is flexible in how you repay

IFA – An Independent financial advisor (May be recommended to use to help find a mortgage)

Loan to value – Ratio of a loan to the value of an asset purchased, usually mentioned when discussing mortgages

OMV – Open market value – The likely sale price of a property

Stamp duty – A tax paid to the government after buying a property

Survey – A report produced to determine the value of the property and if it is structurally sound

Under offer – When a seller accepts an offer, the legal process begins

Vendor – The name given to the person selling the property

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