Loan to value (LTV)
The amount of your loan compared to the valuation or purchase price of your property (whichever is the lower), shown as a percentage. For example, a loan of £80,000 on a property valued at £100,000 would have an LTV of 80%.
Mortgage
The whole arrangement between us including the loan and all terms and conditions. It is also a legal document under which the owner of a property agrees that the property will be security for repayment of a loan which a lender makes.
Mortgage term
The period over which the loan is to be repaid.
Mortgagee
Another name for the lender (us)
Mortgagor
Another name for the borrower.
Offer
If we approve your mortgage application, we will make you an 'offer' of a loan. Remember that the offer will be subject to conditions.
Overpayments
These are repayments over and above the monthly mortgage payments.
Redemption
You redeem - or repay - a mortgage when you have paid back all of the loan and all interest, costs or other charges which are due on it. The mortgage is brought to an end.
Regulated mortgages
A loan provided to an individual who gives the lender a first charge on his/her home as security for the repayment of the loan.
Re-Mortgage
Repaying one mortgage by taking out another with a new lender which is secured on the same property.
Society's base rate
This is a variable rate of interest set by the Swansea Building Society.
Standard variable rate
This is our standard mortgage rate which may be changed by us from time to time.
Property release fee
A fee charged by us for releasing property following repayment of your mortgage.
