Key Terms
MRT — Mortgage Law, Policy & Practice
Property law, mortgage charges, ownership structures and specialist lending.
Key Terms
- Law of Property Act 1925 — Key legislation governing property ownership and transfer.
- Equity of Redemption — Borrower right to reclaim property after repaying mortgage.
- Mortgage Deed — Legal document securing mortgage against property.
- First Charge Mortgage — Primary loan secured against property.
- Second Charge Mortgage — Additional loan secured behind first mortgage.
- Bridging Loan — Short-term finance until permanent funding arranged.
- Buy-to-Let Mortgage — Mortgage for rental investment property.
- Consumer Buy-to-Let — Buy-to-let mortgage with consumer protections.
- HMO (House in Multiple Occupation) — Property rented to multiple unrelated tenants.
- Joint Tenants — Co-owners with equal rights and survivorship.
- Tenants in Common — Co-owners with separate ownership shares.
- Easement — Legal right over another person's land.
- Restrictive Covenant — Restriction on property use.
- Indemnity Insurance — Insurance covering legal or title defects.
- Gazumping — Seller accepting higher offer after agreement.
- Gazundering — Buyer lowering offer before exchange.
- Exchange of Contracts — Legally binding property agreement stage.
- Completion — Final transfer of ownership and funds.
- Negative Equity — Mortgage balance exceeding property value.
- Equity Release — Accessing property value later in life.
- Lifetime Mortgage — Equity release loan secured on property.
- Home Reversion Plan — Selling part/all property ownership for cash.
- Debt Consolidation — Combining debts into one loan.
- Self-Certification Mortgage — Historic mortgage based on borrower income declaration.
- Sub-Prime Lending — Lending to higher-risk borrowers.