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What do these terms mean?

Initial Rate

This shows the initial rate of the mortgage taking into account any fixed or discounted rates which apply at the start of the mortgage.

Overall cost for comparison

This refers to Annual Percentage Rate of Charge (APRC) and is the rate you use to compare different mortgages. The APRC is calculated based on several things, including the interest rate you'll be paying, the length of the term and any charges applicable on your deal. 

Loan to Value (LTV)

This is the amount you want to borrow as a proportion of the value of the property you're buying. The LTV is shown as a percentage. For example, if you wanted to borrow £85,000 on a house valued at £100,000 this would mean an LTV of 85%.

Booking Fee

The booking fee is the charge that a bank or building society may put on a product to secure the rate of the mortgage.

Completion Fee

A one off fee that guarantees we can reserve funds for you in your chosen product. This can usually be added to your loan rather than paid in one go.

Early Repayment Charge 

A fee that may be payable on your mortgage if you pay it off early. In some instances, it may still be payable even if you're moving to another mortgage deal with the same lender so it's always best to check. If an ERC applies it will clearly say so in all your documentation.

Initial Estimated Monthly Payments

This is an estimated initial monthly payment amount, it has been calculated on a capital and interest repayment basis.


Mortgages A-Z

Finding your way through the mortgage maze can be tricky with lots of words and phrases you may be unfamiliar with. To help you we’ve come up with explanations for the most commonly used terminology.

How to apply

Find out how to apply for a mortgage with the West Brom.

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