Shared ownership Mortgage schemes are used for part buy; part let schemes commonly known as shared ownership. In this type of scheme, you buy a percentage of the property and pay a rent for the balance, or as in the case of the First-Time Buyers' Initiative run by English Partnership, you must obtain a mortgage for at least half the property price and English Partnership will contribute the rest. For the first three years you pay the mortgage but thereafter you pay an additional sum to English Partnership based on their contribution to the purchase price.

Stamp Duty

Stamp Duty is the tax you pay when you buy property, that is, a house, flat, other buildings or land. The level of tax will depend on the purchase price of the property or land.

Standard Variable Rate

The standard variable rate is based on The Bank of England's base lending rate and this is decided at the monthly meeting of the bank's Monetary Policy Committee.

Self Certification Mortgages

This is a Mortgage where a borrower gives written comfirmation of their income and ability to repay a loan, without providing proof of income.

Tracker Rate Mortgage

The mortgage intrest rate is set fixed percentage rate above the Bank of England base rate. The interest rate payable will fall and rise in line with changes to the Bank of England base rate.

valuation Fee

A fee paid by the borrower for the lender's inspection of the property on the application for a loan.