Debt consolidation
This is when a person replaces a number of existing loans with a single loan from a new lender.

This can reduce your monthly payments by spreading the larger loan over a longer period and possibly, by reducing the overall interest rate.

Deducted from loan
An expression used by lenders to refer to certain fees, such as the arrangement fee, this fee will be deducted from the amount borrowed on completion. It effectively means that you have paid the fee, instead of adding them to the loan.

Deeds release fee
A fee charged by the lender for releasing the deeds of the mortgaged property and returning them to the owner or their solicitor, usually this happens when the mortgage has been repaid.

Deferred interest
An old type of loan whereby some or all of the interest owed by the borrower is not collected immediately but is added to the amount outstanding. Due to this it is likely that the borrower will end up owing a lot more than originally borrowed.

Deposit
Monies paid upon exchange of contract, the borrowers equity in a property can also be referred to as the deposit.

Despatch fee
see deeds release fee.

Direct product
Mortgage product made only available to borrowers who make a direct application to the lender, and NOT available through intermediaries / brokers.

Disbursements (conveyancing)
Costs incurred by solicitors in carrying out their work which they will re-charge to their clients, this fee will normally be allowed for within the solicitors initial quote and refers to photocopying, postage and couriers etc.

Discharge fee
A fee charged by a lender for releasing its charge over a property following the redemption of a mortgage.

Discharged bankrupt
Person whose bankruptcy period has come to an end.

Discharged CCJ
A term used when a county court judgement, has been paid.

Discount purchase price
A reduced price for a property which is below the actual open-market value, such as in the case of a right-to-buy purchase or a builder's discount.

Under right to buy legislation, properties are not offered at the open market value. but at a discount however if the property is resold within a three-year period, The discount will need to be repaid.

Discount rate
The mortgage interest rate is lower than the lenders current normal standard variable rate for a stated period, usually shown as a fixed percentage reduction to the lender's normal variable rate e.g. 1.00% discount for 1 year.

Disc
Abbreviation for discount as above.

Draw down facility
An additional borrowing opportunity that is agreed with a lender but the amount of which can be claimed by the borrower when they need it. When this facility has been set up there is no cost to the borrower until such a time as the funds are used.

DSS payments
An income that, is received from the Department of Social Security towards the payment of a mortgage. A lender will only use these payments in exceptional circumstances to confirm ability to service a loan.