Joint borrower

Where there is more than one borrower.

Land Registry

This is a government agency which is responsible for recording and maintaining records in respect of properties in the UK. The Land Registry maintains details of all registered property and records such details as ownership, mortgages and rights affecting a property.

Leasehold

If you own a leasehold property, while you own the property itself, you do not own the land on which it is built. You will usually have a lease on the property for a set number of years and will pay ground-rent to the freeholder who does own the land. Flats and apartments are usually leasehold.

Loan to Value (LTV)

The amount of loan in proportion to the value of the property. The loan to value is always expressed as a percentage. For example a £40,000 mortgage on a property valued at £80,000 would be a 50% LTV.