Non-UK Resident

An arrangement where a property is sold for less than market value, with the difference between market value and the lower price treated as a gift towards the buyer’s deposit.

Where a lender holds back part of the mortgage advance, usually until specific works on the property have been completed to the lender’s satisfaction.

A mortgage where the interest rate moves in line with a named benchmark, usually by a set margin above the Bank of England base rate.

A promise by an individual, typically a director or shareholder, to be personally liable if a company borrower cannot meet the mortgage debt.