The Better-Mortgages uk mortgage terminology glossary (D)

As with any industry, the world of mortgages has it's own language and definitions. Use the definitions in this glossary to look up uk mortgage terminology you are not familiar with.

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Deed of postponement

An agreement whereby a second mortgagee postpones the priority of its mortgage in favour of a further charge taken by the first mortgagee is called a Deed of postponement.

Default notice

If a lender wishes to enforce a loan regulated under the Consumer Credit Act where the borrower is in default they must issue a Default notice. This must set out the nature of the breach of the terms of the contract and how (and by when) this can be remedied by the borrower

Discounted mortgage

The Discounted mortgage is a type of mortgage where the lender offers a discount off their standard variable rate for a given period. At the end of the period your interest rate reverts to the lenders standard variable rate. Your repayments rise and fall in line with the variable rate which your discount rate is based on, but will always be discounted by the agreed rate during the discount period. 

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