UK Mortgage Glossary
Your comprehensive guide to UK mortgage terminology
Showing all terms
Annual Percentage Rate (APR)
The total cost of borrowing over a year, including the interest rate and any additional fees or charges. APR allows you to compare different mortgage products more accurately.
Affordability Assessment
A detailed evaluation conducted by lenders to determine how much you can afford to borrow, taking into account your income, expenses, and financial commitments.
Arrangement Fee
A fee charged by the lender for setting up your mortgage. This can range from £0 to £2,000+ and may be added to your mortgage balance or paid upfront.
Base Rate
The Bank of England's official interest rate, which influences the rates charged by UK lenders. Changes to the base rate often affect variable rate mortgages.
Booking Fee
An upfront, non-refundable fee paid to reserve a mortgage deal. This is typically charged when you submit your mortgage application.
Bridging Loan
A short-term loan used to 'bridge' the gap between buying a new property and selling your existing one. These loans typically have higher interest rates.
Buy-to-Let Mortgage
A mortgage specifically designed for purchasing property to rent out to tenants. These typically require larger deposits and have higher interest rates than residential mortgages.
Capped Rate
A variable interest rate that has a maximum limit or 'cap' during a specified period. Your rate can fluctuate but won't exceed the capped amount.
Cash Back
A lump sum paid by the lender when your mortgage completes, typically as a percentage of the loan amount or a fixed sum.
Completion
The final stage of the property purchase process when ownership legally transfers from seller to buyer, and the mortgage funds are released.
Credit Score
A numerical representation of your creditworthiness based on your credit history. Lenders use this to assess your mortgage application risk.
Deposit
The upfront payment you make towards the purchase price of a property. UK mortgages typically require a minimum deposit of 5-10% of the property value.
Discount Rate
A variable interest rate that offers a discount off the lender's standard variable rate (SVR) for a specified period.
Early Repayment Charge (ERC)
A penalty fee charged if you repay your mortgage early or overpay beyond the allowed limits during the initial deal period.
Equity
The difference between your property's current market value and the outstanding mortgage balance. This represents your ownership stake in the property.
Exchange of Contracts
The point at which the property purchase becomes legally binding. Both buyer and seller sign identical contracts and exchange them through their solicitors.
Fixed Rate
An interest rate that remains constant for a specified period, typically 2-10 years. Your monthly payments stay the same regardless of base rate changes.
First Time Buyer
Someone who has never owned a property before. First-time buyers may qualify for special mortgage deals and government schemes.
Freehold
A type of property ownership where you own both the property and the land it stands on outright, with no time limit on ownership.
Gazumping
When a seller accepts a higher offer from another buyer after already agreeing to sell to you, but before contracts are exchanged.
Ground Rent
An annual payment made by leaseholders to the freeholder for the right to occupy the land on which the property stands.
Guarantor
Someone who agrees to be responsible for your mortgage payments if you cannot make them. This can help you qualify for a mortgage with a smaller deposit.
Help to Buy
A government scheme designed to help people buy their first home with a smaller deposit. The scheme provides an equity loan to supplement your deposit.
Higher Lending Charge
An additional fee charged when you borrow more than a certain percentage of the property's value, typically above 90% loan-to-value.
Interest Only
A mortgage where you only pay the interest each month, not the capital. You need a separate repayment plan to pay off the original loan amount.
Joint Mortgage
A mortgage taken out by two or more people together, where all parties are equally responsible for the repayments.
Leasehold
A type of property ownership where you own the property for a fixed period (the lease term) but not the land it stands on.
Loan-to-Value (LTV)
The percentage of the property's value that you're borrowing. For example, with a 10% deposit, you have a 90% LTV mortgage.
Mortgage Deed
The legal document that creates the mortgage and gives the lender security over your property until the loan is repaid.
Mortgage in Principle (MIP)
A conditional offer from a lender indicating how much they might lend you, based on basic information about your finances.
Negative Equity
When your property's current market value is less than the outstanding mortgage balance. This can happen if property prices fall.
Offset Mortgage
A mortgage linked to your savings account. Your savings balance reduces the mortgage balance on which interest is calculated.
Overpayment
Paying more than your required monthly mortgage payment. This reduces the capital owed and can save interest over the mortgage term.
Porting
Moving your existing mortgage deal to a new property when you move house, avoiding early repayment charges.
Redemption
The process of paying off your mortgage in full, either at the end of the term or when you sell/remortgage your property.
Remortgage
Switching your mortgage to a new deal, either with your current lender or a different one, typically to get a better interest rate.
Repayment Mortgage
A mortgage where you pay both interest and capital each month. By the end of the term, you'll have paid off the entire loan.
Right to Buy
A government scheme allowing council tenants to buy their rented property at a discount, typically after living there for a minimum period.
Shared Ownership
A government scheme where you buy a share (typically 25-75%) of a property and pay rent on the remaining share to a housing association.
Stamp Duty
A tax paid to the government when you buy a property in England and Northern Ireland. The amount depends on the property's purchase price.
Standard Variable Rate (SVR)
The lender's default interest rate that you typically move to after any initial deal period ends. This rate can change at the lender's discretion.
Stress Testing
Calculations performed by lenders to ensure you could still afford mortgage payments if interest rates increased by a certain percentage.
Tracker Rate
A variable interest rate that tracks the Bank of England base rate, typically at a set margin above or below it.
Underwriting
The process where lenders assess your mortgage application in detail, including your creditworthiness and the property's suitability.
Valuation
An assessment of the property's market value conducted by a qualified surveyor on behalf of the lender to ensure the property is worth the loan amount.
Variable Rate
An interest rate that can change during the mortgage term, typically in response to changes in the Bank of England base rate or at the lender's discretion.
Adverse Credit
A history of missed or late payments, defaults, CCJs, or other negative credit events that may affect your ability to get a mortgage or the rates offered.
Agreement in Principle (AIP)
Also known as Decision in Principle (DIP), this is a conditional offer from a lender indicating how much they may lend you based on initial affordability checks.
Auction Property
Properties sold at auction often require special mortgage arrangements, with completion typically required within 28 days of the auction date.
Building Society
A mutual financial institution owned by its members that provides banking and mortgage services. Examples include Nationwide and Yorkshire Building Society.
Capital and Interest
Another term for repayment mortgage, where monthly payments cover both the interest charges and gradually reduce the outstanding loan balance.
Chain
A series of linked property transactions where each buyer depends on selling their current property to complete their purchase.
Conveyancing
The legal process of transferring property ownership from seller to buyer, handled by solicitors or licensed conveyancers.
County Court Judgement (CCJ)
A court order for debt repayment that appears on your credit file for six years and can significantly impact mortgage applications.
Decisioning
The automated process some lenders use to assess mortgage applications using computer algorithms before human underwriter review.
Deed of Trust
A legal document that outlines how property ownership and financial responsibilities are shared between joint owners.
Default
A formal notice issued when you're significantly behind on debt payments, which remains on your credit file for six years.
Disbursements
Third-party costs paid by your solicitor on your behalf during the conveyancing process, such as search fees and Land Registry charges.
Endowment Mortgage
An interest-only mortgage linked to an endowment policy designed to pay off the capital at the end of the term. Rarely offered today due to poor performance.
Energy Performance Certificate (EPC)
A rating from A (most efficient) to G (least efficient) showing a property's energy efficiency. Required for all property sales and lettings.
Ex-Council Property
Former local authority housing sold under Right to Buy schemes. Some lenders have restrictions on lending for these properties.
Flexible Mortgage
A mortgage allowing features like overpayments, underpayments, payment holidays, and borrowing back overpaid amounts.
Further Advance
Additional borrowing from your existing mortgage lender, secured against your property, typically for home improvements or debt consolidation.
Gifted Deposit
Money given by family members to help with your deposit, which must be genuinely gifted with no expectation of repayment.
Green Mortgage
Mortgages offering preferential rates or cashback for energy-efficient properties, typically those with high EPC ratings.
Gross Income
Your total income before tax and other deductions. Lenders use this figure when calculating affordability for mortgage applications.
Halifax House Price Index
A monthly measure of UK house price movements published by Halifax, one of the most widely followed property price indicators.
Help to Buy ISA
A discontinued savings account that provided a 25% government bonus on savings for first-time buyers, replaced by the Lifetime ISA.
Home Buyers Report
A mid-level property survey providing more detail than a basic valuation but less comprehensive than a full structural survey.
Housing Association
Not-for-profit organisations providing affordable housing. Some lenders have restrictions on mortgages for housing association properties.
Impaired Credit
Credit history issues such as missed payments, defaults, or bankruptcy that may require specialist lenders or affect mortgage terms.
Income Multiple
The number of times your annual income that a lender will allow you to borrow, typically ranging from 4 to 5.5 times income.
Individual Voluntary Arrangement (IVA)
A formal agreement to pay creditors a portion of debts over a fixed period. Affects credit rating and mortgage options for six years.
Islamic Mortgage
Sharia-compliant home financing that avoids traditional interest, typically using arrangements like diminishing musharaka or ijara.
Joint Borrower Sole Proprietor
A mortgage arrangement where multiple people are responsible for payments but only one person owns the property.
Joint Tenants
A form of joint ownership where each person owns the whole property equally. If one owner dies, ownership automatically passes to the survivor(s).
Key Facts Illustration (KFI)
A standardised document showing the key features and costs of a mortgage product, including monthly payments and total cost over the term.
Land Registry
The government department that maintains the register of land and property ownership in England and Wales.
Lease Extension
The process of extending a leasehold property's remaining lease term, which may be required to secure mortgage lending.
Legal Charge
The formal legal document that gives the mortgage lender security over your property until the loan is fully repaid.
Lifetime ISA
A savings account offering a 25% government bonus for first-time buyers or retirement savings, with annual contribution limits.
Loan to Income (LTI)
The ratio of your mortgage amount to your annual income. Regulators limit high LTI lending to ensure affordability.
Local Authority Search
A legal search revealing planning applications, road schemes, and other local authority matters affecting the property.
Maisonette
A flat spread over two or more floors with its own front door. Some lenders have specific criteria for maisonette mortgages.
Minimum Income
The lowest annual income a lender requires to consider a mortgage application, varying by lender and product type.
Mortgage Capacity
The maximum amount a lender will allow you to borrow based on your income, expenses, and their lending criteria.
Mortgage Exit Fee
A charge made by some lenders when you repay your mortgage in full, either at the end of the term or when remortgaging.
Mortgage Indemnity Guarantee (MIG)
Insurance that protects the lender (not the borrower) against losses on high loan-to-value mortgages. Now rarely used.
Net Income
Your income after tax and other deductions. Some lenders use net income for affordability calculations, particularly for self-employed applicants.
New Build
A newly constructed property, often requiring special mortgage products and typically coming with warranties from the developer.
Notice Account
A savings account linked to some offset mortgages requiring advance notice before withdrawals can be made.
Open Market Value
The estimated price a property would achieve if sold on the open market between willing buyer and seller.
Payment Holiday
A temporary break from mortgage payments offered by some flexible mortgages, with interest typically continuing to accrue.
Portable Mortgage
A mortgage that can be transferred to a new property when you move, allowing you to keep your existing rate and terms.
Product Transfer
Switching to a new mortgage deal with your existing lender, often with reduced fees compared to remortgaging elsewhere.
Professional Mortgage
Specialist mortgages for professionals like doctors, lawyers, and accountants, often offering higher income multiples or flexible terms.
Property Chain
A series of linked property transactions where each purchase depends on the completion of another sale in the sequence.
Qualifying Period
The minimum time you must wait before becoming eligible for certain mortgage features, such as overpayments or rate switches.
Rate Switch
Moving to a new interest rate deal with your current lender, typically when your existing deal is about to end.
Retention Fee
Money held back by a lender until specific conditions are met, often used for properties requiring minor repairs.
Right to Manage
The legal right for leaseholders to take over management of their building from the freeholder without proving fault.
Second Charge Mortgage
An additional loan secured against your property, ranking behind the first mortgage in terms of repayment priority.
Self-Build Mortgage
Specialist financing for constructing your own home, typically releasing funds in stages as construction progresses.
Service Charge
Annual charges paid by leaseholders for maintenance and management of communal areas in blocks of flats or developments.
Sitting Tenant
An existing tenant in a property being purchased, which may affect mortgage options and property valuation.
Solicitor's Undertaking
A professional promise by a solicitor to perform certain actions, such as registering the mortgage charge with the Land Registry.
Specialist Lender
Lenders focusing on specific markets such as adverse credit, self-employed borrowers, or non-standard properties.
Structural Survey
The most comprehensive property survey, examining the structure and condition of a property in detail.
Subject to Contract
A phrase indicating that an agreement is not legally binding until formal contracts are exchanged between buyer and seller.
Tenants in Common
Joint ownership where each person owns a defined share of the property, which can be left to beneficiaries in their will.
Term
The length of time over which your mortgage is repaid, typically 25-35 years, though terms up to 40 years are sometimes available.
Title Deeds
Legal documents proving ownership of a property. Most properties are now registered electronically with the Land Registry.
Underpayment
Paying less than your contractual monthly payment, a feature offered by some flexible mortgages after sufficient overpayments.
Unencumbered Property
A property owned outright with no mortgage or other charges secured against it.
Water Search
A legal search revealing information about water and sewerage services, drainage, and any water-related charges affecting the property.
Yielding
The annual rental income from a buy-to-let property expressed as a percentage of the property's value or purchase price.
Acceleration Clause
A mortgage term allowing the lender to demand immediate full repayment if you breach the mortgage conditions, such as missing multiple payments.
Actuary
A professional who calculates insurance and pension risks, sometimes involved in assessing mortgage payment protection insurance claims.
Additional Security
Extra collateral required by lenders for high-risk loans, which might include guarantees or charges over other assets.
Administrator
A professional appointed to manage a company's affairs when it becomes insolvent, which can affect mortgage applications for business owners.
Amortisation
The process of gradually paying off a mortgage through regular payments that cover both interest and principal over the loan term.
Assignment
The transfer of a mortgage or insurance policy from one party to another, such as when a lender sells your mortgage to another company.
Assumable Mortgage
A rare type of mortgage that can be transferred from seller to buyer, allowing the new owner to take over the existing loan terms.
Automated Valuation Model (AVM)
Computer algorithms that estimate property values using data analysis, increasingly used by lenders for initial property assessments.
Balloon Payment
A large final payment due at the end of a loan term, uncommon in UK residential mortgages but sometimes used in commercial lending.
Beneficial Interest
The right to benefit from property ownership, even if not legally registered as an owner, important in cases of relationship breakdown.
Blight Notice
A legal notice allowing property owners to force local authorities to purchase their property if it's affected by proposed development plans.
Bond
In mortgage context, a type of security or guarantee, or alternatively a term sometimes used to describe the mortgage deed itself.
Broker Fee
The charge paid to a mortgage broker for their services in finding and arranging your mortgage, which may be paid by you or the lender.
Building Regulations
Legal requirements for building construction and alterations in the UK, compliance with which affects property mortgageability.
Buildings Insurance
Insurance covering the structure of your property against damage, which is mandatory for mortgage holders and often arranged through the lender.
Capital Gains Tax
Tax payable on profits when selling assets including buy-to-let properties, though your main residence is usually exempt.
Capitalisation
Adding unpaid interest or fees to the mortgage balance, increasing the total amount owed but reducing monthly payment pressure.
Caveat Emptor
Latin for 'buyer beware' - the principle that buyers are responsible for checking a property's condition before purchase.
Charging Order
A court order securing a debt against your property, which can affect your ability to remortgage or sell.
Chattels
Moveable items not permanently fixed to a property, such as furniture and appliances, typically excluded from mortgage valuations.
Claims History
Record of previous insurance claims on a property, which can affect buildings insurance premiums and mortgage terms.
Collateral
Assets pledged as security for a loan, with your property serving as collateral for your mortgage.
Commercial Mortgage
Financing for business premises or investment properties, typically with different terms and criteria than residential mortgages.
Commission
Payment made by lenders to mortgage brokers for successful applications, which may affect the advice you receive.
Commonhold
A form of property ownership for flats where you own your unit outright and share ownership of common areas, designed to replace leasehold.
Compulsory Purchase
Legal process allowing authorities to forcibly buy private property for public projects, which can affect mortgage terms and property values.
Conditional Sale
A property sale subject to specific conditions being met, such as planning permission or survey results.
Construction Mortgage
Specialist financing for building new properties, with funds typically released in stages as construction progresses.
Contents Insurance
Insurance covering personal belongings within your property, separate from buildings insurance and not required by mortgage lenders.
Covenant
Legal obligations or restrictions affecting property use, which can impact mortgage applications and property values.
Credit Reference Agency
Companies like Experian, Equifax, and TransUnion that collect and provide credit information used by mortgage lenders.
Critical Illness Cover
Insurance that pays out if you're diagnosed with specified serious illnesses, often used to protect mortgage payments.
Crown Estate
Property owned by the Crown, which can affect mortgage applications due to unusual tenure arrangements.
Debt Consolidation
Combining multiple debts into a single loan, sometimes achieved through remortgaging to access property equity.
Debt Service Ratio
The percentage of your income used to service all debt payments, used by lenders to assess mortgage affordability.
Debt-to-Income Ratio
Your total monthly debt payments divided by gross monthly income, a key factor in mortgage underwriting decisions.
Declined Application
A mortgage application rejected by the lender, which can affect future applications and may require specialist broker assistance.
Deferred Interest
Interest charges that are postponed rather than paid immediately, potentially increasing the total amount owed over time.
Dematerialisation
The electronic registration of property ownership with the Land Registry, replacing physical title deeds in most cases.
Development Finance
Short-term funding for property development projects, with specific criteria and higher rates than standard mortgages.
Direct Debit
An automated payment method for mortgage payments, often preferred by lenders and sometimes offering small rate discounts.
Discharge
The formal release of the mortgage charge from your property when the loan is fully repaid.
Discounted Variable Rate
A variable rate offering a set discount below the lender's standard variable rate for a specified period.
Distressed Sale
Property sold quickly, often below market value, due to financial pressure or repossession proceedings.
Down Valuation
When a lender's valuation comes in below the agreed purchase price, potentially affecting your mortgage amount or requiring renegotiation.
Easement
A legal right to use someone else's land for a specific purpose, such as access rights, which can affect property values.
Electronic Transfer
The digital movement of mortgage funds from lender to solicitor on completion day, replacing physical cheques.
Employer Referencing
Verification of employment and income details by mortgage lenders, typically involving direct contact with your employer.
Equity Release
Financial products allowing older homeowners to access property equity without moving, including lifetime mortgages and home reversion plans.
Escrow
Money held by a third party until certain conditions are met, sometimes used in complex property transactions.
Estate Agent
Professional who markets and sells properties, often providing initial valuations and market guidance for buyers and sellers.
Executors
People appointed to manage a deceased person's estate, who may need to deal with outstanding mortgages and property sales.
Express Terms
Specific conditions explicitly stated in your mortgage contract, as opposed to implied terms established by law.
Fast Track
Accelerated mortgage application processes offered by some lenders for straightforward cases or repeat customers.
Final Redemption
The complete payoff of a mortgage, including all outstanding principal, interest, and fees.
First Legal Charge
The primary security interest in a property, giving the mortgage lender first claim on proceeds if the property is sold.
Fixtures and Fittings
Items that are permanently attached to a property (fixtures) versus those that can be removed (fittings), affecting property valuations.
Forbearance
Lender agreement to temporarily accept reduced payments or suspend collection activities during financial hardship.
Foreclosure
US term for repossession - the legal process by which lenders take ownership of property when mortgage payments are severely in arrears.
Foreign Currency Mortgage
Mortgages denominated in currencies other than Sterling, exposing borrowers to exchange rate risks and now rarely available.
Grace Period
A short period after a payment due date during which late fees or penalties are not applied.
Graduated Payment Mortgage
A mortgage with payments that start low and increase over time, designed for borrowers expecting income growth.
Ground Lease
A long-term lease of land only, with the lessee owning any buildings constructed on the land.
Gross Yield
Annual rental income as a percentage of property value before deducting expenses like management fees and maintenance costs.
Hardship
Financial difficulties that may qualify you for mortgage payment assistance or modified terms from your lender.
High Net Worth
Wealthy individuals who may qualify for specialist private banking mortgage products with enhanced terms and service.
Holiday Let Mortgage
Specialist buy-to-let mortgages for properties intended for short-term holiday rentals rather than long-term tenants.
House in Multiple Occupation (HMO)
Property rented to multiple tenants who share facilities, requiring special licenses and specialist mortgage products.
Housing Benefit
Government assistance with housing costs, which some specialist lenders may accept as income for mortgage applications.
Immediate Needs Annuity
Insurance product providing income for care costs, sometimes funded through equity release from property.
Income Protection
Insurance providing monthly income if you cannot work due to illness or injury, helping maintain mortgage payments.
Index Linking
Adjusting payments or values in line with inflation indices, sometimes used in shared equity schemes or long-term loans.
Inheritance Tax
Tax payable on estates above certain thresholds, which can affect property succession planning and mortgage strategies.
Initial Rate
The interest rate charged during the introductory period of a mortgage deal before reverting to the standard variable rate.
Instalment
Regular payments made towards repaying a mortgage, typically monthly but sometimes weekly or fortnightly.
Interest Rate Collar
A combination of interest rate cap and floor, limiting both the maximum and minimum rates on a variable mortgage.
Intermediary
A mortgage broker or adviser who acts between borrowers and lenders to arrange mortgage deals.
Investment Property
Property purchased primarily for rental income or capital growth rather than as a family home.
Joint and Several Liability
Legal principle where each borrower on a joint mortgage is responsible for the full debt, not just their share.
Judicial Review
Legal process for challenging public body decisions, which might affect planning permissions or compulsory purchase orders.
Key Worker
Essential public sector workers who may qualify for special housing schemes or preferential mortgage terms.
Late Payment
Mortgage payments made after the due date, which can incur charges and affect your credit rating.
Lending Criteria
The requirements and standards used by lenders to assess mortgage applications, varying between different lenders.
Lien
A legal claim against property as security for debt, similar to a mortgage charge in the UK system.
Life Assurance
Insurance that pays out on death, often required by mortgage lenders and used to protect mortgage repayments.
Loan Modification
Changes to mortgage terms such as interest rate, payment amount, or loan term to help borrowers in financial difficulty.
Lock-in Period
The time during which you cannot repay your mortgage early without penalties, typically during the initial rate period.
Margin
The percentage added to a base rate (such as Bank of England base rate) to determine your actual mortgage interest rate.
Market Value
The estimated price a property would sell for in current market conditions between willing buyer and seller.
Maturity
The end date of your mortgage term when the loan must be fully repaid or refinanced.
Monthly Payment Mortgage Insurance
Insurance covering your mortgage payments if you cannot work due to accident, sickness, or unemployment.
Multi-Unit Property
Buildings containing multiple separate living units, which may require specialist mortgage products and management arrangements.
Negative Amortisation
When monthly payments are less than the interest due, causing the loan balance to increase over time.
Net Worth
Total assets minus total liabilities, used by lenders to assess overall financial strength, particularly for high-value mortgages.
Non-Conforming Loan
Mortgages that don't meet standard lending criteria, requiring specialist lenders or alternative documentation.
Non-Status Mortgage
Mortgages for borrowers who cannot provide traditional income verification, now largely replaced by more regulated products.
Occupancy Rate
The percentage of time a rental property is occupied by paying tenants, crucial for buy-to-let mortgage affordability.
Off-Plan Purchase
Buying a property before construction is complete, often requiring specialist mortgage arrangements and stage payments.
Outstanding Balance
The amount still owed on your mortgage at any given time, reducing with each payment on a repayment mortgage.
Overhead
Fixed costs associated with property ownership such as insurance, maintenance, and management fees for buy-to-let properties.
Partial Release
Removing part of a property from mortgage security, typically when subdividing land or selling part of a larger property.
Payment Protection Insurance (PPI)
Insurance designed to cover mortgage payments if you cannot work, though many historical PPI policies were mis-sold.
Penalty Rate
Higher interest rate applied to borrowers in default or breach of mortgage terms.
Portfolio Landlord
An investor owning four or more buy-to-let properties, subject to enhanced regulatory scrutiny and specialist lending criteria.
Pre-Approval
More detailed mortgage assessment than agreement in principle, involving credit checks and income verification before property selection.
Prepayment
Paying all or part of your mortgage before the scheduled due date, which may incur early repayment charges.
Principal
The original amount borrowed, excluding interest, which forms the basis for calculating interest charges.
Private Banking
Exclusive banking services for high net worth individuals, often including bespoke mortgage products with enhanced terms.
Procuration Fee
Commission paid by lenders to mortgage brokers for successful applications, potentially affecting the advice you receive.
Property Development Loan
Short-term financing for property development projects, with funds released in stages as work progresses.
Purchase Ledger
Accounting record of money owed to suppliers, examined by lenders when assessing self-employed mortgage applications.
Qualifying Income
Types of income that lenders will consider for mortgage affordability, varying between different lenders and products.
