When a borrower makes a one-off payment to reduce the outstanding balance on their mortgage.
The size of your mortgage as a percentage of the property’s value.
See ‘equity release schemes’.
You own the building but not the land it stands on, and only for a certain period (anything up to 999 years). You may find it hard to get a mortgage if there are fewer than 80 years left on the lease of the property you want to buy.
The official body responsible for maintaining details of property ownership.