​Approval in Principle (AIP)

Also called a sanction in Principle is provisional approval for a mortgage loan amount and term subject to evidence of income and employment, proven repayment capacity and any other special conditions the lender may issue.


Also called an Intermediary or mortgage advisor, offers advice on the various mortgage products and options available from a selection of lenders.


These are the official documents of ownership.

​Fixed Interest Rate

The rate on a mortgage which doesn’t change for a specified period. This is known as the fixed rate period.

​Freehold or Leasehold

A freehold title gives the holder ownership of the land and buildings for an indefinite period. A leasehold title gives the holder a right to use and occupy land and buildings for a defined period of time.


A guarantor is a person other than the borrower who guarantees loan repayments.

​Loan to Value (LTV)

Loan to values are shown as percentages and represent the difference between your mortgage loan and the value of your property. For example, a mortgage of €90,000 on a property valued at €100,000 would be shown as 90% Loan to Value.


A moratorium is a payment holiday that allows you to take a break from your mortgage or reduce your payments for three months. You can reduce your repayments by the full amount or partially by a selected amount. During your payment holiday, you will need to pay your insurance costs such as life assurance and home insurance. You can avail of the payment holiday option up to three times during the life of the mortgage.

​PDH – Private Dwelling House, The home

Principle private residence. A person’s primary residence where they normally live. A person can only have one primary residence at any given time.

​Term of Loan

The agreed period of time for the customer to make full repayment of the loan.

​Title Deeds

Legal documents that provide evidence of a person’s ownership of a property.

​Standard Variable Rate (SVR)

This is a rate set by the lender, which may move up or down.

​Valuation Survey

This report, which is carried out by a professional valuer, gauges the market value of your property. It is important to remember that this report is different to a structural or planning survey.

​Variable Interest Rate

This is an interest rate that may rise and/or fall over the period of the borrowing.