Glossary

Irish Financial Services Regulatory Authority a body appointed by the Central Bank established in May 2003 to regulate financial services firms in Ireland. www.ifsra.ie

An insurance policy taken out by the lender when they lend above a certain percentage of the property value, whish they make a claim against when they loose money having repossessed a property. (Although charged to the borrower in the past, most lenders now pay this premium themselves)

Any payment due for the period from the day the mortgage began up to the first repayment date.

A mortgage where only interest is paid during the mortgage term. The capital is repaid at the end of the term.

A credit referency agency that maintains a database of an individuals credit history. Under the data protection act everyone is entitled to obtain a copy of the information they hold. more here - www.ifha.ie

Provides details of the property including a plan and, if the property is leasehold, a copy of the lease.

A fee paid to the Land Registry to register ownership of a property.

The right to possession, but not ownership, of a property for an agreed period of time. Ultimate ownership remains with the freeholder.

The bank/building society where you have your mortgage.

The person to whom a lease is granted - the tenant.

The person who grants a lease - the landlord.

An assurance policy that pays a lump sum on death. This is a requirement under Irish law although most lenders have expanded on this law and insist that in the case of joint borrowers a policy must be taken out by both people. (there are exceptions to this, age and illness)

The size of a mortgage as a percentage of the value of the property or its purchase price.

Has a specific meaning in law but has come to mean a loan with property as security.

A policy designed to pay the balance of your mortgage if you die.

The period over which the mortgage loan is to be repaid.

The lender.

The borrower.