time. Subsequently, certain lenders have moved away from charging an explicit HLC, in favour of charging an increased interest rate on higher LTV mortgages. Other terms First time buyer Negative equity Introductory period – the period of time where there is a lower interest rate on a mortgage such as on a fixed rate mortgage. Statistical and industry jargon Arrangement fee – either a percentage of the loan advance or a set fee charged by the mortgage lender or mortgage brokers to provide and arrange a mortgage. Loan to Value (LTV) – the total loan size in relation to the value of the property. Mortgage gross lending – all new lending done in a given period, including remortgaging and new loans for house purchase. Mortgage balances outstanding – the total mortgage balances outstanding at a given point of time. Net mortgage lending – the total change in balances outstanding between two points in time, this can also be calculated by adding together the total gross lending in a period, less repayments, redemptions and loan losses in the same time period. Redemption – paying back a mortgage 'early' as opposed to paying back a mortgage following a set repayment plan, typically when remortgaging to another mortgage provider or by way of some other lump sum payment (e.g. when selling the property). Remortgaging – refinancing of a mortgage, usually understood to mean moving from one provider to another. See also Mortgage loan Remortgage References Mortgage industry of the United Kingdom Terminology