This is a one-off fee charged by the lender. It is usually payable, up-front, on mortgages of more than 75% of the house value in order to protect the lender from repayment defaults. It is also known as MIG (Mortgage Indemnity Guarantee), Indemnity Premium or Indemnity Guarantee Premium.

 

This is commonly known by its acronym, APR. The APR gives the true annual cost of a finance agreement, expressed as a percentage, through the calculation of interest, insurance provided and any other fees charged. It provides an excellent basis for comparison across loans.

 

These fees cover the arrangement of loans on certain products. They usually apply to loans for which a special rate of interest applies; for example fixed or capped rates.

 

This is the transfer of ownership of a lease or insurance policy.

 

This is a public sale in which the price is determined by bidding, and the item (in this case the property) is sold to the highest bidder.