Whether you've bought or sold a property before or not, there's lots of lingo to get your head around. Hopefully my explanations of these terms will help you.
This is when you make an offer for a property – this may be at the asking price or less or in some cases more.
This is a flexible mortgage that allows credit in one account to be taken into consideration when calculating the interest due on different mortgage.account. For example: Money in your savings or current accounts is set against your mortgage balance and then interest is only calculated and charged on the outstanding amount. In practise this should mean that your interest payments are reduced.
OMV stands for "Open Market Value" and is the value a property can achieve in the open market when there is both a willing buyer and willing seller.
You generally have to buy an option for an agreed amount of money. It gives you a set time when the vendor can't sell it to anyone else although you are not legally tied to a purchase.
This is when you make an unscheduled capital repayment i.e. you pay over what was agreed initially. This can be an effective way of repaying your mortgage before the end of the term and saving yourself a considerable amount of interest. With some mortgages you will be charged a fee for overpaying or for overpaying over a certain amount.
