Agreement in principle (AIP)
confirmation from a mortgage lender confirming they might be willing to lend, often involving a credit search.
Annual percentage rate of charge: the overall cost of a mortgage, including the interest and fees. It assumes you will have the mortgage for the whole term, so may not be a useful way to compare deals.
A fee for setting up your mortgage. Many mortgage lenders will allow you to add this fee to the loan, but this will mean you pay interest on it for the whole mortgage term.
To miss mortgage payments or to have ‘defaulted’ at least once on your mortgage repayments.