Glossary of Terms

We have gathered together on this page, a collection of terms most used in the Mortgage, Financial and Property Services Industries.

If you are searching for the meanings of Mortgage, Financial or Property terms, please click on the initial letter below. A list of terms commencing with that letter will be presented and, hopefully, you will find what you want.

If you cannot find explanations for the terms you require or you believe our description to be inaccurate, please submit your request for an addition or correction. If you have a suggested correction, please make it polite.

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G

Gazumping
This is when the person selling the property accepts an offer and then accepts a new, higher offer from another buyer before exchange of contracts.
Gazundering
This is when the person who has agreed to buy the property withdraws the offer and then submits a new, lower offer before exchange of contracts.
Gross Monthly Repayment
This is the amount you must repay to the lender before tax relief (see MIRAS) had been applied to the interest Charges. MIRAS was abolished in April 2000 and so there is now no tax relief applied to mortgages.
Ground Rent
An annual charge payable by leaseholders to the freeholder.
Guarantor
This is the person liable for the repayment of a mortgage if a borrower fails to maintain their mortgage payments. This is usually a parent or close family relative.