Common Mortgage Terms & Jargon (D)

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Date of entry
In Scotland, this is the same as exchanging contracts. 

Decreasing term assurance
Life assurance that pays out an amount if you die during an agreed period or the term of the policy. The amount of cover reduces each year. So, this makes it ideal to cover repayment mortgages where the amount you owe the lender reduces each year. Decreasing term assurance is usually cheaper than level term assurance. 

Default
A legal notice denoting a failure to keep up repayments on a debt 

Deposit
The amount of money you put towards buying a property. 

Direct lender
A lender that arranges mortgages over the phone, through the post, or even on the Internet. 

Disbursements
A solicitor's expenses - for example, for stamp duty, HM Land Registry fees, searches, faxes and so on. 

Discount term
The time that a discounted rate applies to a variable-rate mortgage. This term may be for a guaranteed number of months or years, or it could be until a set date in the future; for example, 30 June 1998. 

Discounted rate
A guaranteed reduction in the standard variable mortgage rate. This often lasts for an agreed period . 

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