GLOSSARY - D
Data
Controller |
The person responsible for ensuring that data is collected and processed correctly. |
Daily
Interest |
Refers to how a lender estimates the interest it charges you for your mortgage on a daily basis.
|
Deposit |
The amount of money spent towards buying a property that is the difference between the mortgage amount and the purchase price. |
Disbursements
|
A variety of conveyancing costs acquired during the mortgage process. |
Discounted
Rate Mortgage |
A mortgage in which the lender reduces the normal rate for a set period of time at the start of the mortgage. |
Deed |
A legal document that has been signed and witnessed, with a seal appended and formally handed over. |
Deferred
Interest Mortgage |
This is a mortgage in which most of the interest due is not paid in the early years and is added to the outstanding mortgage. |
Discounted
mortgages (low start) |
The interest rate on offer is set at a set margin less than the standard variable rate. |
Draw
Down Facility |
The lender will allow drawing funds out of the mortgage account at any time during the mortgage term provided the size of borrowing does not increase over the earlier mortgage advance. |