12 Essential Terms to Know When Buying a House 4 years ago

12 Essential Terms to Know When Buying a House

You've lived with your folks, you've lived with your pals, you've even lived with strange randomers.

Thankfully those days are almost behind you and you're ready to grow up, move out and get a place you can call your own.


Buying a house can be a daunting experience at first, but JOE's house-buying jargon-buster will put your mind at ease. The process comes with its own language and we've translated it all into plain English for you.

APR (Annual Percentage Rate)

Here's an important one. This is the yearly cost of your mortgage.

It usually includes not just the interest on your loan but any other charges you have to pay.

No, 'conveyance' isn't trying to contact the dead.

This is the legal process of buying and selling property. This can be done by a solicitor or specialist-licensed conveyancer.


Cost of credit

The difference between the amount you borrow and the amount you’ll end up paying back taking into account interest and other charges.

Official documents that prove ownership of a particular property. This should prevent randomers coming into your home and claiming they own it... we did say 'should'.



The amount you need to pay yourself towards the cost of the property.


Is the difference between the current value of your home and the amount outstanding on your mortgage.


Fixed-rate mortgage
A mortgage where the interest rate stays the same for a specific period (e.g. two or five years).

You own both the property and the land it stands on. A pretty sweet deal to have, if you're asking us!


Land Registry

The official body that holds details of property ownership.

You own the property but not the land it stands on for a specific number of years. This is often used when buying a single apartment in a block.

LTV (Loan To Value)
LTV means Loan to Value. The size of your mortgage as a percentage of the value of your property. for instance, if you have a €240,000 mortgage and your home is worth €300,000, your LTV is 80%.



Maturity date

The date the mortgage must be repaid in full, or by which a new agreement needs to be taken out. So, this is one of the most important dates of the lot.


So there you have it, 12 mortgage terms explained.

Taking on a mortgage is a big decision, but understanding the terms used makes it a lot less daunting. Ulster Bank understands that you want a mortgage you can live with. So in order to give you a mortgage that suits you, they’ve developed a range of mortgages. Take a look at their mortgage options or have the team call you to arrange an appointment.

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