We have created some helpful guides to ensure that buying your new Tilia home is as simple as possible.

With more than 70 years’ experience, Tilia Homes proudly builds quality new-build homes and communities across the country.

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When buying your new home, you may come across some terms that you are not familiar with.

Take a look as some key words and phrases you may come across during your home buying journey:

Adverse credit
Describes a credit history with harmful entries or missed payments.

Affordability assessment
When a lender reviews how much you earn (your income) and how much you spend on bills and other regular payments (your committed expenditure). This is the same whether it's a joint or sole application.

Agreement in principle
An Agreement in Principle (AIP) is the first step to getting a mortgage. It's sometimes called a Mortgage in Principle, Mortgage Promise or a Decision in Principle, and lets you know how much you could borrow before you apply for a mortgage.

Annual Percentage Rate (APR)
The interest rate for a whole year, rather than just a monthly rate. This helps you compare the cost of different mortgage deals.

Appreciation
Home appreciation relates to a house or investment property increasing in value over a period of time. A raised value of a property can lead to the owner making a profit upon selling it or earning more income through monthly rent from their tenants.

Arrangement fees
A fee that lenders sometimes charge to cover the work involved in setting up your mortgage or for certain mortgage rates.

Balance outstanding
An outstanding balance is the amount you owe on any debt that charges interest, like a mortgage.

Base rate
Base rate is the minimum rate set by the Reserve Bank of England below which banks are not allowed to lend to its customers.

Bridging loan
A loan that ‘bridges the gap’ between the sale of your current property and the purchase of your new property if the dates for completion do not coincide.

Building insurance
Protection for your property against hazards such as fire, flood and subsidence.

Building survey
A technical report that will give you a comprehensive account of the condition of the property, describing any structural or other defects.

Buy-to-let
Relating to a property bought by a person with the intention of letting it out rather than living in it.

Capital
The sum borrowed to secure a mortgage.

Capped rate
When the mortgage interest rate will not exceed a specified value during a certain period of time, but will fluctuate up and down below that level.

Cash buyer
The definition of a cash buyer is someone who can purchase property outright with money they have at their disposal; meaning they do not need to get a mortgage or loan to buy the home in question.

Chain
The process whereby a seller needs the sale of their house to occur before they can complete the purchase of another property. The same situation may exist for others in the chain. As a result, the whole chain can collapse if one link breaks.

Completion
The finalising of the sale when all the monies are passed over and the buyer has legal right to the property.

Contract
Entered into by the seller and buyer of a property which only becomes binding on exchange of contracts, i.e. when both parties have signed the contract and the purchaser has handed over the agreed deposit to the solicitor.

Contents insurance
Pays for damage to, or loss of, an individual’s personal possessions whilst they are located within that individual’s home.

Conveyancing
The legal transfer of a property from one owner to another.

Council tax
A tax paid by all households to local authorities in Britain, based on the estimated value of a property and the number of people living in it.

Covenant (and restrictive covenant)
A restriction or condition affecting the property, which must be complied with.

Credit score
A quantitative approach used to measure and evaluate the creditworthiness of a loan applicant. A measure of profitability, solvency, management ability and liquidity are commonly included in a credit scoring model.

Deeds
All the legal documents relating to the property.

Deposit
A part payment of the agreed purchase price paid by the buyer on exchange of contracts.

Chain
The process whereby a seller needs the sale of their house to occur before they can complete the purchase of another property. The same situation may exist for others in the chain. As a result, the whole chain can collapse if one link breaks.

Completion
The finalising of the sale when all the monies are passed over and the buyer has legal right to the property.

Contract
Entered into by the seller and buyer of a property which only becomes binding on exchange of contracts, i.e. when both parties have signed the contract and the purchaser has handed over the agreed deposit to the solicitor.

Contents insurance
Pays for damage to, or loss of, an individual’s personal possessions whilst they are located within that individual’s home.

Conveyancing
The legal transfer of a property from one owner to another.

Council tax
A tax paid by all households to local authorities in Britain, based on the estimated value of a property and the number of people living in it.

Covenant (and restrictive covenant)
A restriction or condition affecting the property, which must be complied with.

Credit score
A quantitative approach used to measure and evaluate the creditworthiness of a loan applicant. A measure of profitability, solvency, management ability and liquidity are commonly included in a credit scoring model.

Depreciation
A quantitative approach used to measure and evaluate the creditworthiness of a loan applicant. A measure of profitability, solvency, management ability and liquidity are commonly included in a credit scoring model.

Deeds
All the legal documents relating to the property.

Deposit
A part payment of the agreed purchase price paid by the buyer on exchange of contracts.

Chain
The process whereby a seller needs the sale of their house to occur before they can complete the purchase of another property. The same situation may exist for others in the chain. As a result, the whole chain can collapse if one link breaks.

Completion
The finalising of the sale when all the monies are passed over and the buyer has legal right to the property.

Contract
Entered into by the seller and buyer of a property which only becomes binding on exchange of contracts, i.e. when both parties have signed the contract and the purchaser has handed over the agreed deposit to the solicitor.

Contents insurance
Pays for damage to, or loss of, an individual’s personal possessions whilst they are located within that individual’s home.

Conveyancing
The legal transfer of a property from one owner to another.

Council tax
A tax paid by all households to local authorities in Britain, based on the estimated value of a property and the number of people living in it.

Covenant (and restrictive covenant)
A restriction or condition affecting the property, which must be complied with.

Credit score
A quantitative approach used to measure and evaluate the creditworthiness of a loan applicant. A measure of profitability, solvency, management ability and liquidity are commonly included in a credit scoring model.

Depreciation
The monetary value of an asset decreases over time.

Disbursements
All the various costs itemized on your conveyancer's invoice.

Disposition or Feu Disposition (Scotland only)
Legal document transferring ownership of the property to the buyer.

Early repayment charge (ERC)
A fee charged by a lender to a borrower for paying off their mortgage before its scheduled completion date. This is to compensate for the loss of income that would have been generated had the mortgage run its full course.

Endowment
A type of mortgage where monthly payments are made into an endowment (life assurance) policy. The loan is paid off in one lump sum at the end of the loan period.

Energy Performance Certificate (EPC)
The sellers of properties in England and Wales are required to provide a valid Energy Performance Certificate (EPC). It gives details about the energy efficiency of the property.

Engrossment fee
An engrossment fee is what the seller's conveyancer charges for producing the legal document that will transfer ownership from the seller to the buyer. It should be included in the list of conveyancing fees required.

Equity
The difference between the amount you owe on your mortgage and the value of your property.

Exchange
The contracts are, in fact, two identical documents, one signed by the seller and the other by the purchaser. When these are exchanged, both sides are legally bound to complete the transaction.

Financial Ombudsman Service
The Financial Ombudsman Service is a free and easy-to-use service that settles complaints between consumers and businesses.

Financial Services Authority (FSA)
The Financial Services Authority (FSA) was the agency that regulated financial services in the United Kingdom.

Fixed Rate
An interest rate that applies to a loan for a set term. Both the interest rate and loan repayments are fixed for the agreed term, regardless of any interest rate variations in the home loan market. The agreed term is usually anywhere between one and seven years.

Fixtures and fittings
Fixtures are generally items that are attached or 'fixed' to the property, while fittings are items that aren't attached to the property, other than by a nail or a screw.

Freehold
A form of legal title to land, which means you are the absolute owner of the property and the land it's on.

Gazumping
When a prospective purchaser has an offer for a property accepted and then another potential buyer puts in a higher offer for the same property and the seller accepts the higher.

Gazundering
When the buyer blackmails the seller into accepting a lower offer just before contracts are about to be exchanged.

Ground rent
Applicable only to leasehold properties. It is a payment that is paid, usually annually, to the freeholder of the building and the land.

Guarantor
A person that signs a guarantee with a lender and promises to repay a borrower's loan if the borrower can't or won't.

Homebuyer survey
A more detailed survey than a mortgage valuation, but not as detailed as a full structural survey, and is carried out by a qualified surveyor.

Homebuyer's Valuation Report
An assessment of the value (and general condition) of a property for mortgage purposes by the lender's surveyor. It is not as detailed as a structural survey report.

Income tax
The tax you pay on the income you earn each year above a certain amount. As well as your salary, income tax is also charged on interest and dividends you receive. The amount of tax you pay depends on the amount of money you earn and on your allowance.

Inflation
The amount in percentage terms by which prices rise or fall year on year. In the UK, the primary measure of this is the Retail Price Index (RPI); the underlying rate of inflation is the RPI with mortgage repayment figures stripped out.

Insurance
This is usually discussed with your mortgage adviser or lender when making mortgage arrangements.

Contents insurance
To work out how much cover you need for a household contents insurance policy, you need to add up the value of all the possessions in your home. It is recommended that any items of particular value - jewelry for example – are specified and covered by an "all risks" policy, which applies even when the items are not in the home.

Buildings insurance
Cover for the bricks and mortar of your home. It is advisable to review insurance cover regularly.

Interest
Mortgage interest is the interest charged on a loan used to purchase a piece of property. Interest is calculated as a certain percentage of the full mortgage loan. Mortgage interest may be fixed or variable and is compounding.

Interest-only mortgage
When you only pay interest to your lender throughout the mortgage term and your mortgage balance doesn't reduce.

Land certificate
A certificate issued by the Land Registry as proof of ownership.

Land registry
A process carried out by the legal representative to register the new owner of the property.

Land registry fees
These are paid through your solicitor to register your ownership of the property with the Land Registry. The scale of fees is fixed by the Government.

Leasehold
Land held under a lease for a number of years, on which ground rent is paid.

Licensed conveyancer
A Licensed Conveyancer will ensure that all documentation, contracts, and financial arrangements associated with buying or selling a residential or commercial property or piece of land are in order. They can do everything that a solicitor can do in a conveyancing transaction - they have the same legal authority to act.

Loan to Value
The size of the mortgage loan compared to the value of the property.

Local Authority Search
Carried out by your solicitor, this establishes if your new home is likely to be affected by any planning decisions.

Loan to Value (LTV)
A figure representing the size of the loan to a property's worth as a percentage. Hence, mortgages where no deposit exists have 100% LTV.

Mortgage
Most people will need to take out a mortgage – or loan – to buy a house. There are many different types of mortgages available to home buyers – your mortgage adviser will explain.

Mortgage broker
An intermediary who will give advice and offer a range of mortgages.

Mortgage protection policy
An insurance policy often arranged in conjunction with a repayment mortgage, which is taken out to ensure that the loan will be paid off should the borrower die before the end of the mortgage term. Insurance may also be available to protect your repayments in the event of redundancy.

Mortgage valuation survey
Prior to making a mortgage offer your lender will have the property valued for “mortgage purposes”. You will pay a fee (variable on the purchase price of the property).

National House Building Council (NHBC)
A non-profit making body whose role is to both protect the home buyer and help the industry to construct good quality new homes. NHBC inspectors carry out spot checks and regular examinations on all properties at varying stages of construction. The NHBC also provides a 10 year Buildmark warranty.

Negative equity
The amount by which the market value of a property falls below the amount of the mortgage secured upon it. The situation in which a property is worth less than its mortgage.

Off-plan
Buying off-plan enables investors and homebuyers to buy a property before the home is finished being built.

Registered land
Land (including buildings on it) the title to which is registered at the Land Registry and legal ownership of which is guaranteed.

Repayment mortgage
A term generally used in the UK to describe a mortgage in which the monthly repayments consist of repaying the capital amount borrowed as well as the accrued interest. The mortgage statement, usually received annually, shows the amount borrowed decreases throughout the term.

Repayment
Repayment is the act of paying back money previously borrowed from a lender.

Repossession
House repossession is a legal process where a mortgage lender or secured loan provider takes ownership of a property. Lenders only start court action to repossess your house as a last resort.

RICS
The Royal Institution of Chartered Surveyors promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure.

Searches
A term used to denote the physical and written procedure for determining any adverse effects in/on a particular property, whether already in effect or planned to take place.

Shared ownership
A scheme where the borrower owns part of a property, and pays the mortgage on this. A Housing Association usually owns the rest of the property, and the borrower pays rent on this.

Sold subject to contract
Sold 'Subject to Contract' (STC) means that the seller and buyer are proceeding with the sale, but the paperwork is not yet complete.

Solicitor
A solicitor is a legal practitioner who traditionally deals with most of the legal matters in some jurisdictions.

Staircasing
Buying more shares ('staircasing') You can buy more shares in your home after you become the owner. This is known as 'staircasing'. When you buy more shares, you'll pay less rent. The amount of rent you pay will be based on the landlord's share.

Stamp duty
Government tax on the purchase price of a property. Your solicitor will automatically handle payment on your behalf.

Stamp Duty Land Tax (SDLT)
A government tax on the purchase price of a property.

Surveys
A house survey is an expert inspection of a property's condition, which identifies problems to a prospective buyer. It's completed by a surveyor who visits the property, carries out an inspection and prepares a report on what they've found.

Tie-in period
This is the period during which you are 'locked in' to your mortgage deal. You'll have to pay an early repayment charge if you leave your mortgage during this period.

Title Deeds
Legal documents describing the rights and liabilities that attach to the property and prove ownership of property.

Under offer
Under offer usually means an offer's been accepted on a new home.

Vacant possession
The right of a purchaser to exclusive use of a property on completion of the sale, any previous occupant having moved out.

Valuation
A brief inspection, for the benefit of your lender, of the home you hope to buy. This is to make sure they are not lending more than the property is worth and that the property is suitable security for the mortgage, but this will not tell you if it is a good or bad buy. For your own peace of mind, you may want your own survey.

Variable base rate
The basic rate of interest charged on a mortgage, which may go up or down in relation to market conditions.

Vendor
In property sales the vendor is the name given to the seller of the property. This does not mean they are the owner or full owner.