Buying a property is one of the biggest financial decisions you'll ever make. Whether you're a first-time buyer, moving home, or investing in property, getting the right mortgage can feel overwhelming — but it doesn't have to be.

How much can you borrow? Which type of mortgage suits your situation? What are the upfront costs, and can you comfortably afford the monthly repayments? These are exactly the kinds of questions our mortgage experts are here to answer.

At The Purple Property Shop, we work closely with independent mortgage advisors who will guide you through the entire process — from your initial application right through to securing a mortgage that fits your needs and financial circumstances.

To be referred to one of our mortgage advisors, call us on 01204 598979.

Buying a home comes with a whole new vocabulary. Here's a plain-English guide to the terms you're most likely to encounter.

Annual Percentage Rate (APR) A standardised figure used to compare mortgages. It reflects the true cost of borrowing by including both repayments and any associated fees — such as booking, arrangement or redemption fees. Always check the APR when comparing mortgage deals.

Arrangement Fee A charge from the lender to cover the administration of setting up your mortgage. It can usually be paid upfront or added to your loan.

Base Rate The interest rate set by the Bank of England, which influences the rates lenders charge on mortgages.

Broker's Fee A fee charged by a mortgage broker for sourcing and recommending the most suitable mortgage for your circumstances.

Capital / Equity The money you put into a property — either as a deposit or through repayments over time. Also referred to as equity.

Completion The final stage of a property purchase. Your solicitor transfers the funds to the seller's solicitor, and you become the legal owner of the property.

Conveyancing The legal process of transferring property ownership from seller to buyer, usually carried out by a solicitor or licensed conveyancer.

Conveyancing Fee The charge made by your solicitor or conveyancer for handling the legal transfer of ownership.

Credit Check / Credit History / Credit Rating When you apply for a mortgage, lenders will check your credit history — a record of how you've managed debts and repayments in the past. This helps them assess the risk of lending to you. Your credit rating is the score derived from that history.

Credit Reference Agency / Credit Report Companies such as Experian or Equifax hold records of your financial history. Lenders use their reports to inform lending decisions.

Deed The legal document confirming your ownership of a property.

Early Redemption Fee A penalty charged by some lenders if you pay off your mortgage before the end of an agreed term.

Equity Release A way of accessing the cash tied up in a property you own outright, by taking out a mortgage against it.

Exchange of Contracts The point at which both buyer and seller sign and exchange legally binding contracts, agreeing the terms of the sale. From this point, neither party can pull out without financial penalty.

Existing Liabilities Any regular financial commitments you have before taking out a mortgage — such as loans, car finance or maintenance payments. These must be declared as part of your application.

Independent Financial Advisor (IFA) A qualified and regulated professional who can advise on financial products including mortgages, insurance and investments.

Land Registration / Land Registry Fee The process of formally registering your ownership of a property with the Land Registry, and the solicitor's charge for doing so.

Loan to Value Ratio (LTV) The percentage of a property's value that the lender is willing to fund. A lower LTV generally means better rates — because the lender's risk is lower.

Local Authority Search A check carried out by your solicitor to identify any local authority matters that could affect the property, such as planned road schemes or enforcement notices.

Mortgage Indemnity Guarantee (MIG) An insurance policy that protects the lender — not you — against losses if you default on a high LTV mortgage (typically 90%+). The cost is usually passed on to the borrower.

Rate The annual interest rate charged on your mortgage, expressed as a percentage.

Redemption Penalty A charge applied when a mortgage is paid off early — similar to an Early Redemption Fee.

Remortgaging Replacing your existing mortgage with a new one, typically to get a better rate or to release equity, while keeping the same property as security.

Repossession The legal process by which a lender reclaims a property if the borrower defaults on their mortgage repayments.

Self-Certification A mortgage option for borrowers who cannot prove income through standard means (such as payslips). Lenders typically charge higher rates or require a larger deposit in these cases.

Shared Equity A scheme where a third party — often a housing association — purchases a share of the property alongside you. You don't pay rent on their share, but they benefit proportionately from any rise in the property's value.

Standard Variable Rate (SVR) The default interest rate a lender charges, which can go up or down at their discretion. It typically applies once an introductory fixed or discounted period ends.

Structural Survey / Building Survey The most thorough — and most expensive — type of property inspection, carried out by a qualified surveyor who takes full responsibility for their assessment.

Title Search An investigation into a property's ownership history, carried out by your solicitor to uncover any unpaid claims, restrictions or issues that could affect your ownership.

Tracker Mortgage A mortgage whose interest rate moves in line with another rate — usually the Bank of England base rate — rather than being set by the lender.

Underpayment Some flexible mortgages allow you to temporarily reduce your monthly payments below the standard amount, though this means the mortgage takes longer to repay.

Unencumbered A property with no mortgage or borrowing secured against it.

Valuation A basic survey carried out for the lender's benefit to confirm the property is worth the amount being lent. Note: this is not the same as a full survey and offers you no legal protection if errors are made.