Promoted Content

Advertiser

Can you tell your gazumping from your gazundering? Buying a house can feel like speaking a foreign language sometimes – let <a href="https://www.halifaxjargonbuster.co.uk/stamp-duty/definition" target="_blank">Halifax's Jargon Buster</a> translate for you.

Can you tell your gazumping from your gazundering? Buying a house can feel like speaking a foreign language sometimes – let Halifax's Jargon Buster translate for you.

You've Finally Saved A Deposit, But Do You Actually Know What These House-Buying Terms Mean?

When you apply to uni, you need your predicted grades, right? It's the same for mortgages. Your bank will give you a prediction of how much you can expect to borrow that you can show to potential sellers to get them to take you more seriously...but obvs the amount isn't guaranteed until you ACTUALLY go through the mortgage application process!  
Find out more [here](https://www.halifaxjargonbuster.co.uk/agreement-in-principle-offer/definition).

It's an estimate of how much money you could borrow!

First things first: What's a mortgage agreement in principle?

Before you shout "shut up and take my money", you need to make sure you're not getting a bad deal – a survey includes a valuation of the property, an assessment of its condition, plus any issues they find. It's like having a repairman round to look at your TV, who'll tell you what's wrong and how much it will cost to fix it – without trying to scam you.  
Find out more [here](https://www.halifaxjargonbuster.co.uk/homebuyer-survey/definition).

A survey gives you more information about the house!

OK, you've found a great house! But you might need a survey before you can make an offer. What's that?

We've all been there. Your friend said they'd give you their spare ticket to that concert you've been dying to see...but then changed their mind and gave it to Susan because Susan offered to set them up with her hot brother. Bloody Susan.   
Find out more [here](https://www.halifaxjargonbuster.co.uk/gazumping/definition).

Gazumping is when the seller takes a higher offer!

Your friend keeps talking about gazumping. Do you know what that is?

Meet your new best friend: your conveyancer. Also known as a conveyancing solicitor, this is basically someone who’s going to make your life SO MUCH EASIER. Settlement and title transfers? Sorted. Legal obligations? They’ll make sure you’re covered. Paperwork? IT’S DONE, BABES. Get yourself a good one and buying a house will go from hellish to heavenly.   
Find out more [here](https://www.halifaxjargonbuster.co.uk/conveyancer/definition).

You need a conveyancer!

You've just gotten a call from a potential conveyancer. Who's that?

Interest rates go up; they go down. They’re like a younger sibling who said they’d be at your birthday party, but it’s midnight now and they’re nowhere to be seen. A fixed rate mortgage means that your interest rate will be kept the same for an agreed amount of time, so the amount your paying won’t change if interest rates as a whole go up (or down.)  
Find out more [here](https://www.halifaxjargonbuster.co.uk/fixed-mortgage/definition).

It’s a mortgage with an interest rate that’s set at an agreed level!

It’s mortgage time. What’s a fixed rate mortgage?

Let's say Uncle Bob lends you a big chunk of money and decides to charge you interest. But you give ol' Uncle Bob your very expensive shoes to look after, so they decide to charge you less interest. That’s how offset mortgages work. You open a savings account with the bank you’re borrowing from, link it to an offset mortgage, and – Bob’s your uncle – they’ll help your money work harder for you by giving you a reduced interest rate based on how much you save with them.   
Find out more [here](https://www.halifaxjargonbuster.co.uk/offset-mortgage/definition/).

An offset mortgage could save you money!

Imagine you've bought flights for a holiday abroad, but when you arrive, you ALSO have to pay a fee for a visa. And the visa fee changes depending on the size and ~fanciness~ of each country – so for instance, you pay more to go to a remote island with glamorous beaches, and if you're a first-time buyer, you might not have to pay anything at all!   
Find out more [here](https://www.halifaxjargonbuster.co.uk/stamp-duty/definition).

Stamp Duty is a government tax on property transactions in the UK!

Uh-oh, you've gotten a message about Stamp Duty! What's that?!

Don’t freak out; this fee isn't actually that much! A Land Registry fee is what you pay to the government to update your name as the owner of the property. Like a birth certificate you have to pay an admin fee for, before becoming an exhausted but proud homeowner.   
Find out [more](https://www.halifaxjargonbuster.co.uk/land-registry-fees/definition).

It's the fee you pay for changing your property's records!

You’re sorted on Stamp Duty. But what's a Land Registry Fee?

Completion is the end. It’s the day you exchange contracts and get the keys. It’s the popping of champagne. It’s the long sigh of relief and putting your feet up for the first time in forever. It’s moving boxes and having your friends and family round to help you unpack. Congratulations – you’ve done it! You’ve bought a house!  
Find out more [here](https://www.halifaxjargonbuster.co.uk/completion/definition).

YOU'RE DONE!

Your lawyer’s  
called about “completion”. What does that mean?

Don’t worry; all this house stuff seems a bit confusing, but it’s not hard once you get started! Start researching the key terms, and things will get loads clearer before you can say “Stamp Duty”!

Still a few things to learn!

You’ve definitely done your homework! Keep going; you’ll be a house-buying pro in no time with a little more reading up!

You’re pretty knowledgeable, but have a little way to go!

Are you a real estate agent? Or maybe you're a born-again conveyancer?! Either way, you're a bonafide house-buying pro. Congrats!

Wow, you’re an expert!

All imagery courtesy of Getty / iStock

About BuzzFeed Community

Community Brand Guidelines

BuzzFeed Community

Sorry, this content is no longer supported.

BuzzFeed Community Guidelines

BuzzFeed Community Leaderboard

BuzzFeed News has breaking stories and original reporting on politics, world news, social media, viral trends, health, science, technology, entertainment, and LGBTQ issues.

All the best animals on the internet. The snuggle is real.

BuzzFeed has breaking news, vital journalism, quizzes, videos, celeb news, Tasty food videos, recipes, DIY hacks, and all the trending buzz you’ll want to share with your friends. Copyright BuzzFeed, Inc. All rights reserved.

BuzzFeed News | Breaking News | Original Reporting | News Analysis

Animal Pictures and Videos - Adorably from BuzzFeed

Name

Thanks for subscribing!

Stay up to date with our latest BuzzFeed video. Enter your email to subscribe!

Oops! Upload an image or add text to submit.

BuzzFeed has the hottest, most social content on the web. We feature breaking buzz and the kinds of things you'd want to pass along to your friends.

Browse links

You've Finally Saved A Deposit, But Do You Actually Know What These House-Buying Terms Mean?

Feel like you need to brush up on your house-buying speak? Use Halifax's Jargon Buster to make things clear!

You've Finally Saved A Deposit, But Do You Actually Know What These House-Buying Terms Mean?

Feel like you need to brush up on your house-buying speak? Use Halifax's Jargon Buster to make things clear!

Share This Article