Jargon

Don’t know your Abstract Title from your Deeds of Sale? Then use our jargon buster for a simple explanation of all the weird and wonderful phrases affecting your nest.

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Interest charges (mortgage)
The charges that banks make on a loan, calculated as a percentage of the amount borrowed.
Interest-only mortgage
There are 2 types of mortgage, interest-only or capital repayment. Interest-only mortgage stays the same throughout the mortgage term. Interest and a premium to an investment vehicle are paid monthly. At the end of the term, the proceeds from the investment vehicle are intended to repay the mortgage. The amount will depend on the performance of the investment vehicle. If you choose an interest only mortgage you will be responsible for ensuring that you have sufficient funds available to repay your mortgage at the end of the term.
Inventory
The Inventory & Schedule of Condition is an essential document drawn up prior to the commencement of the Tenancy by the Agent or Inventory Clerk which shall include the Fixtures & Fittings in the Premises including all matters specified in the Inventory and Schedule of Condition which will be given to the Tenant at the start of the Tenancy. Essentially, it provides a written benchmark, which should be amended, updated and recreated before the beginning of each new tenancy.