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OCR: When certain applying num for mortgage, Alliance Leicester there Jargon Buster Glossary are ber of financial or legal terms that you will hear and read regularly. put it simply, there's lot of financial jargon. What is brief guide to these key words and phrases in plain English easy to understand. Advance The capital Arrangement Fee There may be a fee involved when you apply for mortgage This to reserve your mor rtgage and cover administration costs If your mor tgage is down the lender may refund the fee Basic Variable Mortgage Rate This is a lender's mortgage rate of interest that can go up o umop Completion (not applicable in Scotland) The day when the transfer of ownership of your new property takes place Contract The legal agreement to bind the seller pue purchaser to the sale of the p ...