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Abacus-money Jargon

D

Debt Consolidation

A procedure by which a number of loans, each with individual interest rates, are collected together in a single debt.

Deed

The legal document that sets out your ownership or title to a property.

Deeds Release Fee

A fee charged by a lender, usually at the end of a mortgage term, to cover the administration involved in returning the deeds (property ownership documents) to your solicitor.

Default

The failure to keep up with mortgage repayments on a regular basis which can esult in a default being registered.

Deposit

The amount of money you put towards the purchase of the property.

Disbursements

The solicitor's expenses, which you have to pay on top of the fee, for such things as land registry, searches, faxes, etc. Some lenders will cover this cost for you.

Discount Rate

A percentage off the lender's Standard Variable Rate or on the lenders tracker rate and set for a specific amount of time, i.e. 1% off for three years.

Draw Down Facility

The facility by which borrowers may increase the level of their debt up to specified limits and at specified times.