Frequently Asked Questions

What is Term Assurance?

This is life assurance, which you take out for an agreed period, or term. The insurance pays out a specified amount on the death of the policyholder providing it occurs within the policy term. 

What is Conditional Insurance?

This refers to insurance products, which some lenders will impose as a condition of their mortgage offer. This could mean that the lender insists that accident, sickness and unemployment cover is taken out or that combined buildings and contents insurance is taken.

What is Insurance Guarantee Premium?

See Higher Lending Charge under Mortgages Section of FAQs 

What is the Administration fee?

This is a fee charged by some lenders which is not normally refundable if your mortgage application does not proceed. The Administration Fee will often form part of the valuation fee but will be retained by the lender even if the valuation has not been carried out.

What is the Advance?

This is the term used to describe the money released by your mortgage lender to your solicitor when your mortgage application is complete.