Contact Details


Chadderton Office

509 Middleton Road,
Chadderton, Oldham
Ol9 9SH

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Tel: 0161 626 5688

Fax: 0161 628 0350

Email office

Monday to Friday
9:00 - 17:00
10:00 - 15.00

Royton Office

64 Rochdale Road,
Royton, Oldham,

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Tel: 0161 626 9789

Fax: 0161 652 0514

Email office

Monday to Friday
9:00 - 17:00
10:00 - 15.00

Shaw Office

33a Market Street,
Shaw, Oldham

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Tel: 01706 291383

Fax: 01706 880000

Email office

Monday to Friday
9:00 - 17:00
10:00 - 15.00

Uppermill Office

35 High Street,
Uppermill, Saddleworth

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Tel: 01457 810076

Fax: 01457 810222

Email office

Monday to Friday
9:00 - 17:00
Saturday & Sunday
10:00 - 15.00

Extended hours telephone enquiry service 7 days a week
8:30am to 8pm Mon – Thurs | 8:30am to 5pm Fri | 10am to 3pm Sat & Sun...

Extended hours telephone enquiry service 7 days a week
8:30am to 8pm Mon – Thurs | 8:30am to 5pm Fri | 10am to 3pm Sat & Sun...

Property jargon for first time buyers explained

When it comes to buying your first property, there’s lots of terminology which could leave you feeling a little overwhelmed.


To make it easier, we’ve provided a handy breakdown of some of the most common words and what they mean, to help you navigate your way through the world of property.


Acceptance – A document you need to sign if you wish to accept the mortgage offer.

Appraisal – Carried out by the estate agent to determine a property’s market value.

Balance outstanding – The amount of mortgage currently owed.

Base rate – This is set by the Bank of England and, with a variable mortgage rate, you may be quoted x per cent over base rate. This means your actual interest rate will rise and fall as the Bank alters the base rate.

Capital – The total amount, referring to the sum borrowed, or the amount left in a property after the mortgage is repaid.

Capped rate – Often set for 1-3 years, the interest rate cannot go any higher than the capped rate during the specified amount of time.

Deeds – Legal documents recognising the ownership of a property.

Equity – The difference between the market value of a property and the amount of mortgage still owed to the lender on the property.

Fixed rate mortgage – Usually for a period of between 1-5 years, a fixed rate mortgage has a ‘fixed’ interest rate.

Flexible mortgage – These mortgages allow flexibility for how you wish to make repayments. For example, mortgages which allow overpayments to pay off your mortgage early.

Freehold – Complete ownership of the land and the property on it.

Ground rent – Applies only to leasehold properties and is an annual sum paid to the Freeholder of the property.

Joint tenants – This is when two or more people co-sign the tenancy agreement.

Lease – A document in which the owner of a freehold property lets out their premises for a specified price and length of time.

Mortgage term – Period of time over which the mortgage is to be repaid.

Negative equity – This occurs when more money is owed to the lender than the market value of a property.

Overpayment – Making overpayments can be an effective way of repaying your mortgage before the end of the term, however some mortgages will charge you a fee for overpaying.

Redemption – When a mortgage is fully repaid.

Repayment mortgage – When both capital and interest on the loan are paid off in monthly instalments.

Right to buy – When a tenant living in a council-owned property (sometimes housing association) can purchase their property at a discount, usually calculated based on the number of years living in a property.

Shared ownership – This scheme is operated by various housing associations, where the borrower buys and owns a percentage of a property.

Subject to contract – Term used when contracts have not been exchanged. At this stage, either party is free to pull out of the transaction.

Survey – There are two kinds of survey: a Homebuyer’s Report (which is most-suitable for a house under 30 years old) and a Full Building Survey (for older properties). In both cases, the survey will indicate any issues with the property, its rebuilding costs and its market value.

Term – The period of time a mortgage will last for.

Vendor – Another term used for the person selling a property.


Planning to purchase in 2018? Contact our experienced mortgage advisors to book your appointment. Call us on 0161 925 3751 or email


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