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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z L
leasehold - a fixed-period contract which, when bought, gives you the right to occupy the property on the land which the leasehold covers. lender's reference - an endorsement from a previous lender to say you have maintained your mortgage repayments; often required by the lender you are remortgaging to. LIBOR - London Interbank Offered Rate, the rate at which banks notionally buy and sell money to each other. LIBOR-linked mortgages are susceptible to a change in interest rate every three months. life insurance - a policy made payable on your death or a specified date. Lenders generally say borrowers should buy life insurance once they have a mortgage, especially if they have family or dependants who may not be able to cover the mortgage repayments. See also term insurance. LTV - loan to value, the proportion of the value or price of the property, whichever is the lower, that a lender is willing to offer you as a loan. local authority search - a search of local authority records to confirm the status of the property, reveal any proposed changes to the local area, such as road improvements, and detail any planning permission given for the property. You will be charged a fee for this but it is arranged through your solicitor. |
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