These are some of the terms and common words that you are likely to come across on our website and in the process of your application. Please use this to help you better understand these common words and phrases. A useful list for anyone looking to purchase a property via Tai Teg.
A blanket term for Not for profit organisations that have the aim of making homes available and affordable for all.
Housing built by Housing Associations or Registered Providers, with subsidies from the Government.
Gross income refers to the total amount earned before taxes and other deductions, just like annual salary.
Net income refers to your income following deductions, i.e tax and National Insurance payments.
- D.I.P (Decision in Principle) /Agreement in Principle –
This is a written estimate from a mortgage lender, giving you an indication of how much money you can borrow.
The finalising of the sale when all the monies are passed over and the buyer has the legal right to take ownership of the property.
- Equity – (relevant to home owners)
The value of the property less any money that you owe that is secured against it.
A section 106 agreement is an agreement between a developer and a local planning authority about measures that the developer must take to reduce their impact on the community.
