Jargon Buster
Water authority search fee
A fee charged by a solicitor as part of his conveyancing
work for checking the infrastructture of the local water
system and sewerage.
With-profits endowment
Your monthly premiums are pooled together and invested for
you by a life insurance company. The policy will have a
basic sum assured which bonuses are added to, to build up
a cash sum. This should be enough at the end of the term
to repay the mortgage
Wraparound mortgage
A loan to a buyer for the remaining balance on a seller's
first mortgage and an additional amount requested by the
seller. Payments on both loans are made to the lender who
holds the wraparound loan.
