Ever wished you could have a Plain English explanation of the all the Jargon your hear? Well here it is.

Standard Variable Rate
This is the Lenders own rate of interest that they charge on their standard mortgage. This means that your mortgage payments will vary over time accordance with the changes in the interest rate.

Fixed Rate
This a period of your mortgage where the payments remain static even if interests change. This means that budgeting during this period is made simpler as payment amounts are stable.

Discounted Rate
This is a mortgage that remains a specified percentage lower than the standard variable rate during the discount period. During this period you can benefit from some savings on your monthly repayments.

Capped Rate
A capped rate is a standard variable rate which will not exceed a given specified rate. This means that you can benefit from any reduction in the interest rate but are protected from increases.

Tracker Rate
This a rate often preferred by people who want to follow the Bank of England Base Rate.

Flexible Mortgage
A flexible can incorporate any of the above rates while at the same time allowing you to reduce your mortgage or to take 'payment holidays'. They also enable you to re-borrow the money you have paid back so far.

Equity
This is the difference between the value of your property and the amount that you borrowed to buy it. If the house is worth less than you borrowed to buy it you have the dreaded 'negative equity'.

So if you bought a house for £85,000 but it is now worth £120,000 you have £35,000 equity. If you want to know more about how you can free the equity from your home click here.

LTV - Loan to Value
This is simply what percentage of the cost of the property that the lender will give you. It is usually a figure like 90%, although it can sometimes be 100% and even, believe it or not, more than 100%.
For example, on a £100,000 property a 90% LTV would mean the lender letting you borrow £90,000.

Stamp Duty
This is a one off fee by the government, charged on any property over £60,000. Usually a percentage which is arranged by your solicitor.