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Acceptance
Document confirming to a lender that a borrower wishes to accept a mortgage offer.

Additional Security Fee
Fee charged by some lenders to protect them against the borrower defaulting. Also known as Mortgage Indemnity Guarantee and Mortgage Indemnity Premium.

Advance
Monies provided by a lender to a borrower and secured on the property as part of the mortgage debt.

Agreement
Document outlining the terms agreed between the buyer and the seller and binding both parties to complete the sale/purchase transaction. Also known as Contract.

Annual Percentage Rate (APR)
Total cost of a loan expressed as an annual interest rate. Provides a useful comparison when reviewing mortgage offers.

Arrangement Fee
Fee charged by some lenders to cover the administration of arranging a loan.

Arrears
Amount that is overdue in relation to a mortgage, which may result in action by a lender to repossess the property.

Asking Price
Price set by the seller of a property as what they hope to achieve.

Assignment
Transfer of a right or claim to a property from one party to another.

Auction
Method of sale whereby a property is sold to the highest bidder.